The 3 Time Frame (3 TF) RSI Average indicator for Metatrader 5 shows the RSI overbought and oversold levels for 3 different time frames of your preference.
The indicator pops up in the main chart screen as 3 colored lines that represent the RSI for 3 different time frames.
Tip: You can disable the time frames you don’t want to get displayed on the chart.
For best trading results, it’s advised to trade with the RSI indicator in the direction of the overall trend.
How to spot oversold and overbought markets conditions with the RSI?
- The market is oversold when the RSI reaches the 30 value.
- The market is overbought when the RSI reaches the 70 value.
The following indicator inputs and parameters can be modified: RSI period (14), overbought level, oversold level, drawing mode, first RSI time frame, second RSI time frame, third RSI time frame, show first RSI, show second RSI, show third RSI.
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames and Forex pairs.
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The following chart shows how the 3 TF RSI Average indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The 3 Time Frame RSI Average Forex Indicator?
Find a simple trading example below:
- A buy signal is given when the RSI touches the 30 oversold level and the overall trend direction is upward.
- Open a buy trade and place your stop loss below previous swing support.
- Close the buy trade near key resistance, or wait for a sell signal.
- A sell signal is given when the RSI touches the 70 overbought level and the overall trend direction is downward.
- Open a sell trade and place your stop loss above previous swing resistance.
- Close the buy trade near key support, or wait for a buy signal.
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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 3TF_RSI_Average.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