There are many trading strategies that use the Relative Strength Index (RSI) indicator.
Traders have come up with creative and profitable ways to use this indicator and it’s available on every trading platform.
However, what’s not available on every platform is the ability to get alerts when RSI hits signal levels.
Luckily, there’s a great solution.
TradingView provides RSI alerts standard on their trading/charting platform.
In this tutorial, you’ll learn the benefits of using these alerts, how to set them up and a great RSI alerts alternative if you prefer to use another platform.
Benefits of Using TradingView for RSI Alerts
The biggest benefit to using TradingView is that your alerts are hosted on their server, so you don’t have to keep your computer on all day.
Even if you did use your own computer, it could go to sleep, your internet connection might go down, and there could be a power outage.
With TradingView, you don’t have to worry about any of those things.
When your money is on the line, you want to be sure that you’re aware of every single trading opportunity.
How to Setup TradingView to Send RSI Alerts
Start by opening a chart and clicking on the Indicators button.
Search for the Relative Strength Index indicator and select it.
You will now see the indicator on your chart.
Then right-click on the RSI line and click on the Add alert on RSI menu option.
You’ll then see the alert settings window.
Set the alert as follows.
If you use 2 alert lines, like the 70/30 or the 80/20, then you’ll have to setup 2 alerts.
Here’s how to setup an alert on the 30 line.
Check the boxes next to the alerts that you want to receive.
That’s it!
You will now get RSI alerts via the methods that you selected in the settings.
It’s best to download the mobile app to your phone or tablet, and use the Notify on app option.
That way, you can get alerts anywhere.
TradingView RSI Alerts Alternative
TradingView is a paid platform and may not be within the budget of all traders.
So if you don’t want to pay for TradingView, then luckily there are some alternatives.
My favorite alternative is MetaTrader.
It’s free to download and it’s a solid piece of software.
The downside is that you cannot get RSI alerts on the stock version of MetaTrader.
However, we have created custom indicators that will send RSI alerts to your phone, email or your computer.
You only have to pay a small price for them once, unlike the monthly recurring charge of TradingView. The only downside is that you have to leave your computer on all the time to get alerts.
If that works for you, then see our MetaTrader RSI alert indicators here.
Trading Strategies that Use RSI
There are several strategies that use the RSI indicator as it’s primary indicator.
You may have your favorite already, but here are some ideas that you may want to explore in backtesting.
- RSI divergence
- 50 line crossover
- RSI overbought/oversold
- Connors RSI 2
Final Thoughts
With our busy lives, it can be easy to miss trading signals on the RSI.
Setting up an alert in TradingView will ensure that you don’t miss any of them.
If you want to learn the specifics of RSI, read this post.
The post How to Setup RSI Alerts on TradingView appeared first on Trading Heroes.
Original source: https://www.tradingheroes.com/rsi-alerts-tradingview/
