The MTF Stochastic RSI Forex indicator for Metatrader 5 represents a powerful overbought & oversold technical tool that works well in range-bound currency markets.
The indicator pops up in a bottom chart window as a set of colored Stochastic + RSI lines that oscillate above and below the 50.0 mid-level.
The MTF Stochastic RSI indicator uses multiple time frame analysis.
How to interpret this overbought & oversold technical indicator?
- The 20.0 level represents oversold market conditions.
- The 80.0 level represents overbought market conditions.
The following indicator inputs and parameters can be adjusted: stochastic %K period, stochastic %D period, stochastic slowing, RSI period, overbought level, oversold level, drawing mode, time frame.
The MTF Stochastic RSI indicator works for any trading instrument that can be loaded in the Metatrader 5 platform.
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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MTF_Stochastic_RSI.mq5 Indicator (MT5)
Chart Example
The following chart shows what the MTF Stochastic RSI indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The MTF Stochastic RSI Forex Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal occurs when the RSI + Stochastic indicator lines are in oversold territory and the market is trading sideways.
- Open a buy trade and place your stop loss 3 pips below immediate support.
- Close the buy trade for 10-25 pips profit or wait until the indicator reaches the 80 level overbought territory.
Sell Signal
- A sell signal occurs when the RSI + Stochastic indicator lines are in overbought territory and the market is trading sideways.
- Open a sell trade and place your stop loss 3 pips above immediate resistance.
- Close the sell trade for 10-25 pips profit or wait until the indicator reaches the 20 level oversold territory.
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MTF_Stochastic_RSI.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 MTF_Stochastic_RSI.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