Products from the Tipu Trading group are one of the most popular on the MQL5 market. They have intuitive designs and many are free. Tipu RSI is a free indicator with extended and enhanced functionality of this popular oscillator. It is very well presented in the Overview page, the formulas are disclosed and the features show it is made by a professional trading group too. The initial version showed in April 2016 designed for the MetaTrader 4 platform. Tipu RSI is supported through the years with many updates that further extend the functionality along with the bugfixes.
The final version is 2.40 published on the 19th of June 2018. Arrows plotting is added for the buy/sell signals and more options for alerts when RSI enters/exits the Overbought/Oversold zone. The author is Kaleem Haider from Canada who is also the CEO at the popular TIpu Trading group. They have 15 products total published on the MQL5 market and almost all of them are popular with great user ratings.
RSI is the most popular Oscillator indicator and used in many strategies, mostly for the reversals. Tipu RSI brings it to another level but retaining the original indicator purpose, without adding other indicators or making it specialized to single strategies or systems. Assuming most traders are familiar with the RSI, the Overview page starts with features.
The Dashboard is the dominant element of this indicator. It has 28 symbols (all major currency pairs combinations although it is also possible to add custom ones), it is a multi-timeframe or having the ability to show higher timeframes chart then the current one, various alert types, and visuals customization.
There is no change to the original formula of the oscillator, but the Dashboard opens a whole new way RSI can be used. This Dashboard is also used in other indicators enhancement published on the market by this group that extends their value. There are several tabs the panel will show. The major market overwatch enables you to see cross-symbol RSI values on M1, M5, M25, M30, H1, H4, D1, W1, and Monthly timeframe. As the cells are color filtered, when RSI is in the Overbought/Oversold zone, they will be shaded, giving you opportunities glance on the whole forex market. You will be able to customize what symbols are in the rows.
The settings tab brings alerts customization and RSI parameters specific to each timeframe, in a matrix-like design. Here, you can set alerts to be on mobile, classic MT4 pop-up, and email alert. Tipu Planel is another module that shows the trend box signal and RSI value box which is also colored if in the zone. This panel also has multiple timeframes, M15, H1, H4, and Daily. The Dashboard and the Panel all have drag and drop feature across the MT4 platform.
RSI is usually used as a reversal oscillator, but with extended functionality, it has many uses. Tipu suggests it can be used as a trend confirmator, tops and bottoms (classic), divergence, support and resistance levels, and swing failure signals (divergence using only price higher lows or lower highs as a trend exhaustion pattern). We would also add that sometimes reversal indicators are great exit indicators in certain non-reversal strategies.
The setting range is complete, there are no factors or elements that are not customizable. Besides, there are many price calculation options for the RSI module alone. Arrows or vertical lines can be placed for the RSI signals on exit or Overbought/Oversold zone entry, visuals for many elements and conditions, display modes, and the mentioned alerts options. There are a short video and screenshots that present the best parts of Tipu RSI.
The best part about TIpu RSI is it is free. This fact makes for a huge boost in popularity, not to discredit the quality, design, and application value.
There are 29 reviews to date averaging a 4.4-star rating. Interestingly, the low rating reviews do not have any reasons left and part of them are simply irrelevant. One simple review sums up all the products from the Tipu group:
“Another nice product from Tipu. Simple, but powerful and: FREE. Thank you!”
If you use the RSI indicator and need extra functionality or just want to experiment, Tipu RSI is probably the best RSI indicator on the market.
This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/14208