RSI !!! HELP ! Setting indicator alerts for above 70 and below 30 RSI

[Davebates89]

Hello, 

I am struggling to set an alert for the RSI indicator, As stated above I would like to create an alert for when the RSI goes above 70 and below 30 on a 5 min timeframe

As it stands I have selected indicator then

Resolution 5 mins ( as I believe that is the 5 min time frame ?)

Price ( I am not sure what to set it at) 

Indicator (indicator parameters ? I am not sure what this means? I placed it at 2 presuming it was for when it hits over or below for 2 mins?

Then I have selected either below or above and crosses, with OR not AND 

and then alert me immediately 

 

My problem is with these optimisations which to my best knowledge I believed would just ping me an alert when it goes over the 70 or below the 30 RSI has resulted in lots of alerts when the RSI is no where near the 70 or 30 . I know this is obviously something I have done wrong but I dont know how to just achieve my desired effect.

 

Can anybody help me please 

 

Thanks David 

[Konrad]

Hi

I think the reason why you are flooded with alerts is 'OR' keyword

Edited February 11 by Konrad

[Konrad]

Hi
My prev answer was obviously... stating the obvious... sorry for that.

'Resolution' should stay at 5 min.
'Price' means if you are looking at Ask price, Bid price or Mid of both of previous two - if you don't know which one to set - leave it at 'Mid'

Indicator params for RSI:
'Period' - means how many {Resolution} data points (candles) are taken into this alers - in you case 1 point = 5 min - so set it to the lowest value (2) - otherwise you'll be spammed
and then you have 'over', 'under'. 'crosses' + value - this is self explanatory

Be careful with 'crosses' value - because during 'longer' timeframes - like 5 min - RSI can cross the line 30/70 many times - because indicators are calculated in real time - you can notice that indicator of the 'current' candle is moving up-down with the price change - it'll stop when the candle {Resolution} period is finished.

'Alert me' - this is crucial for you.
If you leave it with default "Immediately' value - it means that alert will be generated every time RSI meets you conditions - so if during your 5 min candle, RSI is crossing 30/70 threshold (and we know it will), you'll be notified.
The safest approach for you is to set it to 'At the end of the candlestick' + 'Once' - in this configuration you should be notified max twice (once for each candle)

 

Cheers

K

 

Edited February 11 by Konrad