RSI Scanner Plus is an Indicator for Metatrader 4 (MT4). It scans The Relative Strength Index (RSI) in Multi Symbols and Multi Timeframes. All Symbols available in the market watch and all timeframes in the MT4 from M1 to Monthly timeframe. Symbols and timeframes are adjustable thru user inputs. For example, you want to scan RSI from EURUSD and GBPUSD timeframe M5 and M15 only, then you can adjust it in the user inputs.
The Relative Strength Index (RSI), developed by J. Welles Wilder, is a momentum oscillator that measures the speed and change of price movements.
Momentum is the rate of the rise or fall in price. The RSI computes momentum as the ratio of higher closes to lower closes: stocks that have had more or stronger positive changes have a higher RSI than stocks that have had more or stronger negative changes.
The RSI provides signals that tell investors to buy when the security or currency is oversold and to sell when it is overbought.
Scanning RSI from multi frames can help to get a stronger signal because it indicates that the RSI of the various timeframes has the value we are looking for.
Scanning RSI from multi symbols can increase the opportunity to get a signal quickly. Also we can find the correlations between symbols easily for analytical purposes.