The RSI Simple Forex Signal indicator for Metatrader 5 delivers trading signals based on the classic RSI indicator and some additional filters.
The indicator appears in a separate chart window as a green & red colored RSI zone and a buy & sell RSI based trigger line.
The main advantage is that this RSI indicator works well in both trending and sideways market environments.
How to spot market trends with the indicator?
- A green colored signal line is a buy trend.
- A red colored signal line is a sell trend.
- A gray colored signal line is a sideways trend.
The indicator works for any time frame, or trading instrument and is newbie friendly.
The indicator has the following inputs and parameters: RSI period, price, normalization period, high low period, OB level, OS level color-changing method.
First, familiarize yourself with this technical indicator and test it on a demo account.
It supports all time frames and Forex pairs.
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Rsi (normalized) (extended).mq5 Indicator (MT5)
Chart Example
The following chart shows what the RSI Simple Forex Signal indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The RSI Simple Forex Signal Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is given when the green RSI signal line appears in the bottom chart window.
- Open a buy order and place your stop loss below the most recent swing low zone.
- Close the buy trade for a fixed take profit target of your preference, or wait for a sell signal.
Sell Signal
- A sell signal is given when the red RSI signal line appears in the bottom chart window.
- Open a sell order and place your stop loss above the most recent swing high zone.
- Close the sell trade for a fixed take profit target of your preference, or wait for a buy signal.
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Rsi (normalized) (extended).mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Rsi (normalized) (extended).mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration