Understanding the settings

Using the MT4 True RSI indicator is simple. You are essentially looking for areas that price is going to reverse from in advance.

1. ATRPeriod = 14
   This is the period which you're applying to the ATR. A value of 14 means you are taking the past 14 bars.

2. ATRMultiplier = 5
   This takes the ATR value from (1) and multiplies it. A value of 5 means that you take the ATR*5. So if the ATR from (1) is 10 pips, and you multiply it by 5, that gives you 50 pips.
   
   This means that a swing high/low needs to have 50 pips to its right and left to be considered a valid swing high/low. This is useful in filtering out small tiny useless swings.

3. SwingSensitivity = 30
   This is the number of bars to the left/right which has to meet the criteria of the value from (2). So, if you require each swing to be at least 50 pips, it needs to occur over 30 bars (since our value here is 30).

4. SwingNumber = 5
   This is the total number of swings you are using for your sample size (and hence, confidence level).

5. RSI Sensitivity = 5
   5 here means 5%. That means you are scanning for all your RSI reversals to happen within a range of 5%. eg. 65 - 70% or 71 - 76%.
   
   The tighter this value, the more accurate the reversals are. We usually try to keep it at 5%.

6. RSI ConfidenceLevel = 80
   80 here means 80%. That means, out of the most recent 5 swings as seen in point (4), you'll need at least 80% of them to have reacted off within the RSISensitivity range of 5% of each other as seen in point (5).

This is how it would look like: