RSI Alert Pro is a trading indicator that can be purchased from the mql5 marketplace. The developer, Crispin Scruby, is a founder of FX AlgoTrader who has published 13 products on the site. This particular product was launched in December of 2015 and last updated to version 2.1 in August of 2018.
RSI Alert Pro is advertised as being a highly configurable RSI indicator with rich alerts and monitoring features. RSI actually stands for “Relative Strength Index”, which is usually used to indicate temporarily overbought or oversold conditions in the market. Several of the parameters revolve around alert features, while some are concerned with the display width/style/levels.
Traders should be cautious when using any RSI-based indicator, as sudden price movements can cause it to spike up and down, resulting in false signals. Historically, this type of indicator is best used in combination with others because the price often extends beyond the indicated overbought or oversold zones. This indicator is compatible with MT4, so there should be no issue finding compatible indicators to use it with.
Traders will only have the option to buy this indicator outright for $30 USD with 5 activations. It isn’t possible to rent it for any amount of time, which is slightly inconvenient. This makes the free demo version the most economical way to test the product before purchasing.
RSI Alert Pro is a simple RSI Alert indicator that identifies overbought or oversold conditions in the market. We were concerned about some of the shortcomings of this type of indicator, so we headed over to the comments section to see what others were saying about this product.
We found the following review to be helpful:
“For all who work with RSI – this is a must. I work with this indicator and it informs me about changes in RSI. I let it run over many charts at the same time. Stay informed!” -Thomas
The only other comment was related to downloading the indicator, so we don’t get to see much helpful feedback about this product. Purchasing isn’t necessarily a bad idea since the indicator is priced fairly and free demo accounts are available. Our final recommendation would be to use this product in combination with another indicator that can help to make up for its potential shortcomings regarding false signals and prices extending over overbought/oversold zones.
This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/13591