The zero lag RSI OsMA indicator for Metatrader 5 is a non-lagging technical tool that provides robust buy and sell signals to Forex traders.
It’s composed of the RSI and OsMA technical indicators.
The indicator gets loaded in a bottom chart window as a series of colored histogram bars that appear above and below 0.
How to spot the prevailing trend with this tool?
- A series of consecutive histogram bars above 0 indicates a strong bullish market trend.
- A series of consecutive histogram bars below 0 indicates a strong bearish market trend.
The following indicator inputs and settings can be customized: smoothing 1, smoothing 2, momentum period, and factor.
Familiarize yourself with this technical indicator and test it first on a demo account for an extended period.
Scalpers and day traders can maximize their profit potential by employing the zero lag RSI OsMA indicator during the London and American trading hours.
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colorzerolagrsiosma.mq5 Indicator (MT5)
Chart Example
The picture below illustrates what the Zero Lag RSI OsMA indicator looks like when applied to the MT5 chart.
How To Buy And Sell Trading Instruments With The Zero Lag RSI OsMA Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is generated when the blue colored histogram bar crosses the 0 level bottom up.
- Open a buy trade and add a protective stop order below the most recent support level.
- Exit the buy trade for a risk to reward ratio of 1.0 or higher.
- Optional: hold the buy trade and wait for the next available sell signal.
Sell Signal
- A sell signal is generated when the pink colored histogram bar crosses the 0 level top down.
- Open a sell trade and add a protective stop order above the most recent resistance level.
- Exit the buy trade for a risk to reward ratio of 1.0 or higher.
- Optional: hold the sell trade and wait for the next available buy signal.
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colorzerolagrsiosma.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 colorzerolagrsiosma.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