Unlocking MTF Relative Strength Index for Smarter Trading

If you're looking to sharpen your trading game, the MTF Relative Strength Index (RSI) is a tool that shouldn’t be overlooked. This MetaTrader indicator builds on the classic RSI, which is a momentum oscillator designed to gauge the strength and direction of price movements by comparing the ups and downs of closing prices. Originally developed by J. Welles Wilder and featured in Commodities magazine back in June 1978, the RSI has stood the test of time.

While MetaTrader comes loaded with the standard RSI for your current timeframe, it often leaves traders wanting more—especially when you want to see how different timeframes stack up. That’s where the MTF Relative Strength Index comes in. This nifty indicator lets you set a higher timeframe to calculate the RSI values, giving you a broader perspective. Just a heads-up: when you switch to higher timeframes, the indicator line may appear a bit rough around the edges due to the way values are derived from the bars.

MTF Relative Strength Index Settings

TimeFrame: The default is set to 0, which represents your current timeframe. You can choose higher timeframes using the following settings: 1=M1, 5=M5, 15=M15, 30=M30, 60=H1, 240=H4, 1440=D1, 10080=W1, and 43200=MN1.
RSIPeriod: The default value is 14, which is the number of periods used for the calculation.
Applied Price: Default is 0, meaning the calculations are based on the Close price. Other options include: 0-CLOSE, 1-OPEN, 2-HIGH, 3-LOW, 4-MEDIAN, 5-TYPICAL, and 6-WEIGHTED.
Shift: The default value is 0, which shifts the entire indicator by the specified number of bars from the set timeframe to the right on your chart.

As an example, let’s check out the MTF Relative Strength Index in action:

MTF Relative Strength Index screenshot

Unlocking MTF Relative Strength Index for Smarter Trading

MTF Relative Strength Index Settings

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