The RSI with Flat indicator for Metatrader 5 is a valuable tool for identifying precise overbought and oversold market conditions.
It can also serve as a reliable tool for trade entry signals and take profit signals.
To determine overbought and oversold markets, refer to the following guidelines:
- An indicator reading that reaches or exceeds 70 indicates overbought market conditions.
- An indicator reading that reaches or falls below 30 indicates oversold market conditions.
The indicator offers customizable settings and parameters, including RSI period, MA period, MA type, colors, and more.
For optimal trading outcomes, it is recommended to use the RSI with Flat indicator in agreement with the overall market trend.
Before applying this technical indicator to live trading, it is crucial to familiarize yourself with its functionality and test it extensively on a demo account.
Keep in mind that the performance of this indicator may vary depending on market conditions, so maintaining realistic expectations is essential.
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rsiwithflat.mq5 Indicator (MT5)
Chart Example
The following image shows how the RSI with Flat indicator looks like when applied to the MT5 charting platform.
How to Use the RSI with Flat Indicator for Buying and Selling Currency Pairs?
Find a simple trading strategy below:
Buy Signal
- Buy condition: the market should show an upward trend.
- The RSI with Flat indicator crosses back above the 30 level from below.
- Open a buy trade and place a protective stop loss below short-term support.
- Exit the buy trade for a predetermined profit target of your preference.
- Alternatively: close the buy trade position when the indicator reaches or surpasses the 70 overbought level.
Sell Signal
- Sell condition: the market should show a downward trend.
- The RSI with Flat indicator crosses back below the 70 level from above.
- Open a sell trade and place a protective stop loss above short-term resistance.
- Exit the sell trade for a predetermined profit target of your preference.
- Alternatively: close the sell trade position when the indicator reaches or surpasses the 30 oversold level.
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rsiwithflat.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 rsiwithflat.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