The Forex Trend RSI indicator for Metatrader 5 is a robust technical tool that combines RSI and moving averages to provide strong signals for trend trading.
This versatile indicator can be employed in various ways.
For ease of use, we will utilize the powerful green line for buy and sell trade entry signals.
How to identify market sentiment with this tool?
- When the green indicator line is above 50, it signifies a bullish market sentiment.
- When the green indicator line is below 50, it indicates a bearish market sentiment.
The indicator allows customizing the following settings and parameters: RSI period, RSI price, fast MA period, slow MA period, slow MA type, horizontal shift.
Make yourself familiar with the Forex Trend RSI indicator and test it first on a demo account before applying it to a live account.
Keep in mind that its trading performance may fluctuate based on market conditions, so it’s crucial to maintain realistic expectations.
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trendrsi_v1.mq5 Indicator (MT5)
Chart Example
The picture below illustrates what the Forex Trend RSI indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Forex Trend RSI Indicator?
Find a simple trading strategy below:
Buy Signal
- A buy signal is given when the green colored Forex Trend RSI indicator line crosses the 50 level bottom up (see chart example above).
- Initiate a buy transaction and place a stop below the most recent swing low.
- Exit the buy trade for a risk to reward ratio of at least 1.5, or ride the uptrend and wait for a sell signal.
Sell Signal
- A sell signal is given when the green colored Forex Trend RSI indicator line crosses the 50 level top down (see chart example above).
- Initiate a sell transaction and place a stop above the most recent swing high.
- Exit the sell trade for a risk to reward ratio of at least 1.5, or ride the downtrend and wait for a buy signal.
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trendrsi_v1.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 trendrsi_v1.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