The RSI Breakout Forex Signals indicator for Metatrader 4 provides range breakout signals based on the RSI technical indicator.
The indicator appears in the main MT4 chart window as a mini signals dashboard (upper left) with accompanied range bar box.
The buy and sell breakout signal recommendations will appear on the chart for the ease of use.
Key Takeaways:
- RSI breakout indicator.
- No second guessing indicator.
- Displays the entry levels on the chart.
- Beginner friendly.
The indicator works equally well for all currency pairs and shows promising results if used correctly.
Free Download:
Download the “breakout-rsi-indicator.mq4” indicator for MT4
Indicator Example Chart (EUR/USD H1)
The example chart below displays the RSI Breakout Forex Signals indicator in action on the trading chart.
Trading Signals (example):
Buy signal: Buy the currency pair whenever the indicator displays “Trending Up”. Enter the trade at the recommended “Breakout Long” price.
Sell signal: Sell the currency pair whenever the indicator displays “Trending Down”. Enter the trade at the recommended “Breakout Short” price.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Utilize your own favorite stop loss and take profit method.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Breakout
Repaint? No.
Download Now:
Download the “breakout-rsi-indicator.mq4” indicator for Metatrader 4
Installation:
Open the Metatrader 4 platform
From the top menu, click on “File”
Then click on “Open Data Folder”
Then double click with your mouse button on “MQL4”
Now double click on “Indicators”
Paste the breakout-rsi-indicator.mq4 indicator in the Indicators folder.
Finally restart the MT4 platform and attach the indicator to any chart.
How to remove the indicator?
Click with your right mouse button in the chart with the indicator attached onto it.
Select “Indicator List” from the drop down menu.
Select the indicator and press delete.
How to edit the indicator’s inputs and parameters?
Right click with your mouse button in the chart with the indicator attached onto it.
From the drop down menu, click on indicators list.
Select the indicator from the list and press edit.
Now you can edit the indicator.
Finally, press the OK button to save the updated configuration.