The AMA Smoothed RSI Signal Forex indicator for Metatrader 5 adds RSI to the classic AMA indicator and it works as a solid buy/sell technical oscillator.
The indicator appears in a separate chart window as a colored buy and sell signal line.
In my opinion, the AMA Smoothed RSI Signal indicator works best for scalpers and day traders.
How to interpret this indicator?
- The price is bullish when the green signal line appears on the chart.
- The price is bearish when the red signal line appears on the chart.
- Price action is neutral when the gray colored line appears on the chart.
The following indicator inputs and parameters can be modified: RSI period, AMA period, AMA fast end period, AMA slow end period, price, floating levels period, floating levels up and down %, colors.
The AMA Smoothed RSI Signal works for any trading instrument that can be loaded in the Metatrader 5 platform.
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 AMA Smoothed RSI Signal indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The AMA Smoothed RSI Signal Indicator?
Find a simple trading example below:
- The start of the green AMA line is a buy trade entry signal.
- Open a buy trade and place your stop loss 3 pips below the most recent support zone.
- Close the buy trade for a fixed take profit target of your preference, or wait for a sell trade.
- The start of the red AMA line is a sell trade entry signal.
- Open a sell trade and place your stop loss 3 pips above the most recent resistance zone.
- Close the sell trade for a fixed take profit target of your preference, or wait for a buy trade.
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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 AMA smoothed RSI (fl).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