Hello,
I have been using a simple RSI indicator for a few weeks now.
It simply paints a corresponding arrow when the RSI enters extreme zones (below 30 or above 70).
It is a nifty little tool to quickly know this without the need to load the actual oscillator.
Although it cannot be used to trade, I still like it on my charts to validate reversal entries when price touches S/R levels a few hours later.
I am planing to use it on smaller TF like 5M and 1M and therefore need to add an alert feature that simply plays the “alert” sound when an arrow appears. Trading low TF will require me to stare at charts all day which I cannot do because of work.
There is an article on the mql4 website that shows how to do it but I coudnt understand anything after arrays (remember that from c and java classes in school 
)
I have attached the indicator below.
It is also freely available on the MT4 marketplace.
Kindly help
Extreme_RSI.zip (765 Bytes)