The Relative Price Forex Channel indicator for Metatrader 5 helps traders identify possible trend reversals with the use of RSI + price filters.
The indicator draws the relative price channel with RSI in a separate chart window.
The indicator is beginner-friendly and does not repaint whatsoever.
Understanding the indicator:
- The market is in an uptrend when the Relative Price Forex Channel is sloping upward.
- The market is in a downtrend when the Relative Price Forex Channel is sloping downward.
- The gray colored line represents the RSI signal line and will provide the actual buy and sell market entry levels.
The following indicator inputs and parameters can be modified: RSI period, RSI price, smoothing period for RSI, overbought level, oversold level, upper neutral level, and lower neutral level.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period.
It supports all time frames and Forex pairs.
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Relative Price Channel.mq5 Indicator (MT5)
Chart Example
The following chart shows how the Relative Price Channel indicator looks when applied to the MT5 chart.
How To Buy And Sell FX Pairs With The Relative Price Channel Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal occurs when the price channel is sloping up and price hits the gray colored band.
- Execute a buy order and set a protective stop loss order below the most recent support area.
- Exit the buy trade for a fixed take profit or reverse the trade when a sell signal gets displayed in the chart.
Sell Signal
- A sell signal occurs when the price channel is sloping down and price hits the green colored band.
- Execute a sell order and set a protective stop loss order above the most recent resistance area.
- Exit the sell trade for a fixed take profit or reverse the trade when a buy signal gets displayed in the chart.
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Relative Price Channel.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 Relative Price Channel.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