The RVI Custom Levels Alert Signal indicator for MT5

The RVI Custom Levels Alert indicator is made as an updated and thus improved version of the standard RVI forex indicator. In the new version, as in the previous one, there are two lines on the chart, but now, at the moment they cross in a certain order, arrows will appear in the indicator window, signaling the possibility of opening a deal in a certain direction.

The presence of indicator arrows greatly simplifies the trading conditions, thereby allowing the indicator to be used by beginners. Also, in the modification version, the indicator window also contains levels -0.2 and 0.2, the intersection of which lines will also be a signal. Another difference from the previous version is the presence of very advanced parameters, including the presence of signals. Trading using the RVI Custom Levels Alert indicator can be made on any timeframe, using any currency pair.

Input parameters

The RVI Custom Levels Alert indicator has a large number of parameters, which allows fully adapting the indicator to any trading conditions. In the indicator settings, in addition to visualization parameters, there are also parameters that affect the overall operation of the indicator.

• -RVI Averaging period-calculation period produced by the lines of the RVI indicator. The default value is 12.

• -Value Level UP - value of the upper level of the indicator. The default value is 0.2.

• -Value Level DOWN - value of the lower level of the indicator. The default value is -0.2.

• -Arrow code for RVI BUY (font Windings) - the code of the arrow with the growth value, signaling the opening of a long position. The default value is 233.

• -Arrow code for RVI SELL (font Windings) - visualization code for an arrow with a falling value, which signals the opening of a short position. The default value is 234.

• -Vertical shift of arrows in pixel - vertical deviation of the indicator arrows from its lines in pixels. The default value is 10.

• -BUY: intersections ONLY below the Level DOWN is a parameter that, when set to True, causes the arrow to cross the lower level down. The default value is True.

• -SELL: intersections ONLY above the Level UP - Appears when set to True when the arrow crosses above the top level. The default value is True.

• -Alerts Signal Bar №- the number of the signal bar. The default value is 0.

• -Sound Name - the name of the sound notification that appears after the appearance of the signal. The default value is standard alert.

• -Repetitions - parameter responsible for repeating the notification. The default value is 3.

• -Pause, in seconds - pause between incoming notifications in seconds. The default value is 3.

• -Alert notifications that come after the signal is generated, if True is selected. The default value is True.

• -Send mail - send notification to e-mail after receiving a signal. The default value is True.

• -Send notifications - send a notification about the signal to the mobile device, if set to True. The default value is True.

Indicator signals

The signals of the RVI Custom Levels Alert indicator are very easy to understand, due to the fact that the modified version contains arrows. Accordingly, the appearance of a new arrow on the chart will be the indicator’s signal to open a certain position. Arrows with a growth value appear on the chart, they appear under the lines and are directed up, in this case,it should be opened a buy trade, and if the arrow appears above the line and at the same time it is directed down, a sell trade is opened. Thus, after the arrow appears on the chart, a signal appears, after which a trade can be opened.

Signal for Buy trades:

• -The main line of the RVI indicator crosses the signal line from the bottom up and is above it.

• -It is important that both lines are above the lower level of the indicator.

• -At the moment of their intersection, an arrow is formed with the value of growth, that is, directed upwards.

After receiving these conditions, a long position can be opened on a certain candle, which should be closed when the lines of the RVI indicator cross back.

Signal for Sell trades:

• - The lines of the RVI indicator intersect so that the signal line is higher than the main one.

• -In this case, both lines must be below the upper level of the indicator.

• -When crossing the indicator lines, an arrow is formed with the value of the fall, that is, directed downwards.

Upon receipt of such conditions, a short position can be opened on a certain candle, which should be closed upon receipt of a reverse crossover of the line, that is, if the signal line is below the main one.

Conclusion

RVI Custom Levels Alert is a very accurate signal indicator, which, if used correctly, guarantees good profits. If it is followed all the trading conditions, as well as practice on a demo account before trading on a real deposit, all the desired results can be achieved.