The RSI TMA Centered Bands indicator for Metatrader 4 is built of the Relative Strenght Index and TMA bands and transforms all data into one technical indicator.
The indicator appears in a bottom chart window in the form of TMA bands with the RSI plotted onto it.
Especially scalpers and day traders can benefit from this indicator.
Key Points
- Combines RSI + TMA bands.
- Good for scalping purposes.
- Can work as a standalone buy/sell indicator.
- Well worth adding to your indicator collection.
Free Download
Download the “rsi-tma-centered-bands-indicator.ex4” MT4 indicator
Indicator Example Chart
The EUR/USD H1 chart below shows the RSI TMA Centered Bands indicator in action.
Basic Trading Signals
Signals from the RSI TMA Centered Bands indicator for Metatrader 4 are easy to interpret and goes as follows:
BUY:
- Open a new buy trade when the TMA bands are sloping up (bullish) and the brown colored RSI line crosses above the white dotted middle line.
- Set a stop loss 1- 3 pips below short-term support.
- Exit the buy trade for a risk-to-reward of 1.5, or wait for an opposite sell trading signal.
SELL:
- Open a new sell trade when the TMA bands are sloping down (bearish) and the brown colored RSI line crosses below the white dotted middle line.
- Set a stop loss 1- 3 pips above short-term resistance.
- Exit the sell trade for a risk-to-reward of 1.5, or wait for an opposite buy trading signal.
Download This Forex Indicator
Download the “rsi-tma-centered-bands-indicator.ex4” MT4 indicator
Adjustable Parameters & Settings
RSI length, RSI price, half length, dev period, deviations, colors, width, style.
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
More Info About This Indicator
Supported currency pairs: Any
Trading Platform: Metatrader 4 (MT4)
Time Frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: RSI + TMA bands
How to install the RSI TMA Centered Bands indicator in Metatrader 4?
- Copy and paste the rsi-tma-centered-bands-indicator.ex4 indicator into the MQL4 indicators folder.
- You can access this folder from the top menu as follows:
- File > Open Data Folder > MQL4 > Indicators (paste here)
How to remove the indicator from the chart?
- Right click in the chart
- Select indicators list
- Click on the indicator’s name
- Click on the delete button