RSI Indicator With Support & Resistance For MT5

The RSI Indicator with Support & Resistance for Metatrader 5 identifies overbought & overbought RSI market levels along with S & R levels.

The indicator appears in the main chart screen and the bottom chart.

The main chart shows the support and resistance levels based on the RSI indicator overbought/oversold market levels found in the bottom chart.

How to identify overbought & oversold market levels with the RSI indicator?

  • A blue colored RSI line is considered overbought.
  • An orange colored RSI line is considered oversold.

The RSI indicator delivers the best results when combined with a trend indicator (moving averages, Bollinger Bands, etc.)

The indicator contains the following inputs and parameters: RSI period (14), price, level up, level down, colors, and line style.

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 (sr).mq5 Indicator (MT5)

Chart Example

The following chart shows what the RSI Indicator with Support & Resistance looks like when applied to the MT5 chart.

How To Buy And Sell Forex Pairs With The RSI Indicator with Support & Resistance?

Find a simple trading example below:

Buy Signal

  • A buy signal occurs when the orange colored RSI signal line shows up in the bottom chart and the overall market trend is upward.
  • Open a buy transaction and place your stop loss below the most recent support zone.
  • Close the buy trade as soon as the blue colored overbought RSI line gets printed on the chart.

Sell Signal

  • A sell signal occurs when the blue colored RSI signal line shows up in the bottom chart and the overall market trend is downward.
  • Open a sell transaction and place your stop loss above the most recent resistance zone.
  • Close the sell trade as soon as the orange colored oversold RSI line gets printed on the chart.

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RSI (sr).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 (sr).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