RSI Multi-Timeframe Price Levels & Daily Range Backtest — Two Free MT5 Indicators

One indicator projects exact price levels where RSI will hit thresholds across 4 timeframes. The other walk-forward backtests whether limit orders at those levels actually fill. Together they answer the two questions every trader needs: where to place orders and how likely they are to work.

The Problem These Indicators Solve

Every trader asks the same two questions before placing a limit order: "At what price should I place it?" and "What are the chances it actually fills and hits my target?"

Most traders answer the first question with guesswork — drawing horizontal lines, picking round numbers, or eyeballing support/resistance. Most never answer the second question at all — they place the order and find out what happens.

These two indicators turn both questions into quantifiable, backtested answers. The RSI Multi-Timeframe indicator tells you the exact price where RSI will hit oversold or overbought — computed from both historical pattern clustering AND forward RSI simulation. The Daily Range Backtest then tells you whether limit orders at those levels actually filled and hit TP on real historical data, using causal walk-forward validation.

Table of Contents

1. Indicator 1: RSI Multi-Timeframe Price Levels
2. Indicator 2: Daily Range Backtest Levels
3. How to Use Both Together — The Combined Workflow
4. Installation Guide
5. Key Input Parameters Explained
6. Get the Source Code ($130)
7. Frequently Asked Questions

Indicator 1: RSI Multi-Timeframe Price Levels (RSI_MTF_PriceLevels)

This is not an RSI line indicator. It does not show you the RSI value. It shows you the exact price on your chart where RSI will hit its target levels — 80, 75, 25, and 20 — across all four timeframes simultaneously. Think of it as an RSI-to-price translator.

How It Works — Two Analysis Methods

Method A — Historical Price Clustering. The indicator scans the last 300 closed bars (configurable) on each timeframe independently. Every time RSI crosses a threshold — dropping below 25, crossing above 80 — it records the closing price at that moment. These prices are then clustered using ATR-normalized tolerance. The best cluster is selected using a 4-component scoring system: 35% frequency (how many crossings), 30% recency (how recently), 20% tightness (how close together the prices are), and 15% distance from current market. The output: a representative price, cluster bounds, occurrence count, and a relevance score.

Method B — Wilder RSI Forward Projection (unique to this indicator). This is what separates this indicator from every other RSI tool. The indicator implements its own Wilder RSI calculation to expose the smoothing state — avgGain and avgLoss values that the built-in MT5 iRSI function keeps hidden. Using this state, it runs a binary search solver: "Given the current Wilder state, what future close price would make RSI exactly equal to 80?" The solver converges monotonically (RSI is monotonic in the hypothetical close) with configurable tolerance and maximum iterations. Safety limits prevent projection into unrealistic price ranges.

Confluence Scoring Engine

Once all four timeframes produce their historical and estimated levels, the confluence engine combines everything into a single 0-100 confidence score using 7 independently weighted components:

• TF Agreement (25%): How many timeframes point to the same price region
• Historical Strength (15%): RSI crossing frequency at this level
• Clustering Tightness (15%): Standard deviation relative to tolerance
• Hist/Est Agreement (15%): How close are historical and estimated centers
• Higher-TF Weight (15%): H1 and H4 share of agreement
• Distance Band (10%): How far from current market price
• RSI Extremeness (5%): How close current RSI is to the target

The final score is labeled: WEAK (≤30), MODERATE (≤50), GOOD (≤70), STRONG (≤85), VERY STRONG (>85).

Dashboard + Chart Output

The on-chart dashboard shows: per-timeframe closed RSI and live RSI, estimated price levels with side-validity markers (A/B = valid, N = near, I = invalid, P = already past), the full confluence table with HIST/EST/ZONE/SCORE/AGREEMENT/DISTANCE, market state (weighted RSI across TFs), overall bias (buy/sell/mixed), and the strongest buy and sell zones.

On the chart: historical levels appear as solid lines, estimated levels as dashed lines, confluence zones as gold dash-dot lines with colored rectangles (green for buy zones, red for sell zones). Per-timeframe zones are optional.

Indicator 2: Daily Range Backtest Levels (DailyRange_Backtest_Levels)

This indicator answers the second question: if you place a limit order at a certain distance from the daily open, what percentage of days does it fill and hit your take-profit target? It answers with causal walk-forward validation — testing only on data the model has never seen.

How It Works

Training Phase. The indicator loads up to 500 D1 bars (Mon-Fri, GMT). It splits them: first 60% = training, last 40% = testing (out-of-sample). From the training data, it calculates: average daily range (pips), average up move (open→high), average down move (open→low), and per-day-of-week averages (Mon through Fri, with counts).

Order Placement. Using the training average range, it computes: Buy Limit = current Ask − (15% × avg range), Sell Limit = current Bid + (15% × avg range). The TP distance is configurable (default 20 pips). These are your suggested limit order levels for today.

Walk-Forward Backtest. For each day in the 40% test period, the indicator places virtual limit orders at the computed distances from that specific day's open. Then it runs bar-by-bar simulation: H1 bars (24 per day) and H4 bars (7 per day) to determine whether the order filled and whether TP was hit. Results are blended — the final confidence is the average of H1 and H4 hit rates.

Output and Auto Lot Sizing

The dashboard shows: average daily range, per-day-of-week breakdown, suggested buy/sell limit prices with TP, fill probability (% of days order filled), fill+TP probability (confidence — % of days both filled AND TP hit), conditional TP% (given fill, how often TP hits), and per-timeframe breakdown (H1 fill/TP + H4 fill/TP).

Auto lot sizing: ≥75% confidence → 0.25 lots, ≥55% → 0.02 lots, below → skip. Thresholds are configurable.

On the chart: buy limit lines (green dashed), sell limit lines (red dashed), TP lines (green/red dotted). Levels only appear when confidence exceeds the minimum threshold.

How to Use Both Together — The Combined Workflow

These two indicators are designed to work as a unit. Here's the daily workflow:

Step 1 — Pre-Session Setup. Open your MT5 chart. Attach both RSI_MTF_PriceLevels and DailyRange_Backtest_Levels. Both dashboards appear on the chart. Review the RSI indicator's Confluence section — identify which RSI levels have GOOD (60+) or STRONG (70+) scores.

Step 2 — Find the Zones. The confluence zones on your chart show exactly where to place orders. A buy zone at RSI 25 with a score of 72 (GOOD) means historically, when RSI hit 25, price was in this zone 72% of the time across all timeframes. That's your candidate buy limit level.

Step 3 — Validate with Daily Range. Check the Daily Range dashboard. Do the backtest numbers support placing an order near that level? If the buy fill probability is 80% and the fill+TP confidence is 65%, you have a statistically validated setup. If fill is only 35%, skip it — the level exists but orders rarely fill there.

Step 4 — Size Properly. The Daily Range indicator tells you what lot size to use based on confidence. Don't override it. If it says 0.02 lots, use 0.02. If it says skip, skip. The size is derived from the same backtest data you're using for confidence.

Step 5 — Review End of Day. Both indicators print to the Experts tab. Save the output. Over weeks, you'll build a personal database of which levels worked and which didn't — on your specific pair, during your specific sessions. This data is more valuable than any pre-built indicator because it represents YOUR market conditions.

Installation Guide

1. Download both .ex5 files using the buttons above
2. Open MT5 → File → Open Data Folder → MQL5 → Indicators
3. Copy both .ex5 files into the Indicators folder
4. Restart MetaTrader 5 (or right-click the Navigator → Refresh)
5. Both indicators appear under Navigator → Indicators
6. Drag onto any chart. Both work on any symbol. RSI_MTF works on any timeframe (chart timeframe is ignored — it uses its own M15/M30/H1/H4 data). DailyRange works on any timeframe (always uses D1 for range analysis)

Key Input Parameters

Frequently Asked Questions