The colored RSI Forex Signal indicator for Metatrader 5 is beginner friendly and creates simple trading signals based on the relative strength index.
This indicator is composed of a buy zone, sell zone and neutral zone.
The 3 different colors being used provide the actual buy and sell signals.
How to spot buy and sell trends with it?
- A green color is bullish (buy).
- A red color is bearish (sell).
- A yellow color is neutral.
For scalpers and day traders, the colored RSI indicator produces the best results during the London and New York trading sessions.
The indicator contains the following inputs and parameters: RSI period, levels, neutral zone, colors, style.
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 Colored RSI Forex Signal indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Colored RSI Forex Signal Indicator?
Find a simple trading example below:
- A buy signal is given when the green colored RSI line appears in the bottom chart.
- Open a buy transaction and place your stop loss below the most recent swing low.
- Close the buy trade at resistance, or wait for a sell signal.
- A sell signal is given when the red colored RSI line appears in the bottom chart.
- Open a sell transaction and place your stop loss above the most recent resistance zone.
- Close the sell trade at 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 SRsi.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