New Version of RSI Paint Indicator Ready for Forex Traders
The RSI Paint Indicator helps Forex traders find places in the market where momentum in pricing is rejoining the trend. In its 3rd year of use, this version allows traders to see pre-trade targets plus many other features to enhance trading success.
By: You Learn Forex
July 19, 2011 - PRLog -- The new version of the The RSI Paint Indicator helps Forex traders locate momentum in the Forex currency market even better than the first version designed in the summer of 2009. The new model does nothing to change the already successful method of locating RSI Reversals, on RSI, the Relative Strength Index. RSI Reversals are the key to trading momentum in the Forex market.
The new version adds some features that enhance the traders experience and gives, he or she, accurate information at the time of the signal. The new version also does nothing to change the alert mechanism that provides a pop-up to the screen identifying the currency pair(s) for the alert as well as the time, date, type of signal. It can also be programmed to send the alert to an email or cellphone. None of this has changed allowing traders to go on with other activities until they are signaled to pay attention to market conditions.
One of the newest features is providing a mouseover feature that tells RSI PRO traders the 4 key price points at the time of the signal, in particular the pre-trade target. One of the most powerful aspects of the RSI Reversals that are signaled by The RSI Paint Indicator is the statistical success with which they reach their targets whether the time frame is short such as the 5 or 15 minute signal or longer signals as the 30 minute, one hour or daily. The RSI Paint Indicator can still be used on any number of charts and any time frame.
The internal inputs are easier to use and allow the trader toggle on and off the Reversal lines on price if so desired. These price lines are produced by the Reversals themselves making the trend line created on price an objective one. Divergence signals can also be automatically created if so desired.
The inputs to filter by RSI level and R factor (a proprietary number) have not been touched but one particular thing was added by trader request. The ability to change the color code for the Reversals signals and for divergences. This allows the trader to use whichever color scheme they find to comfortable for them.
The response to the new version by current users has been more than positive. These current users were the beta group as once you purchase the indicator, all upgrades to new versions are free for the life of the product.
A video with an explanation of how to use the new version is on the site and for a short time there is a Trial Offer.
You Learn Forex is owned and operated by Paul Dean. It is located outside Orlando, FL. Traders around the world have been using The RSI Paint Indicator for almost 3 years. The indicator was designed by Paul and David Moser, a computer programmer and Forex trader living in Singapore after Paul began designing his trading system around RSI Reversal signals. Signals that were discovered by Andrew Cardwell, a student of Welles Wilder, the designer of RSI, the Relative Strength Index.
Paul has written 5 eBooks on trading RSI Reversals and momentum and just completed a 48 lesson RSI PRO Forex Trading Course, a step-by-step treatment of trading Forex and RSI Reversals for both absolute beginners as well as advanced traders.
When asked about the new indicator's success Dean has this to say, "When we designed the first indicator back in 2009, I wasn't sure if anyone would use it but David and myself. Now it is being used by traders all over the world. I hope this new version continues to be successful in particular as much of the new design were suggestions made by many of the traders who had been using it for nearly 2 years."
You can find more information at the You Learn Forex website here: http://www.youlearnforex.com
# # #
You Learn Forex is located outside Orlando, FL and is owned and operated by Paul Dean the author of 5 eBooks on Forex trading and a new Forex trading course, the RSI PRO Forex Trading Course. He can be contacted directly at: email@example.com