The Magic RSI Forex Scalper for Metatrader 5 is based on the relative strength index and delivers out of the box buy & sell signals for scalpers.
A typical potential profit target when using the Magic RSI Forex scalper: anything between 10-20 pips.
The indicator gets displayed as non-repaint buy and sell signal arrows in the main price chart.
- A blue colored Magic RSI arrow is a bullish signal.
- A red colored Magic RSI arrow is a bearish signal.
The following indicator inputs and parameters can be adjusted to your needs: level up (70.0), level down (30.0), period of RSI averaging, type of price.
How to increase your profit potential using this scalper indicator?
- Utilize the Magic RSI indicator on the low spread Forex pairs only (less spread costs).
- The London and New York trading sessions will generate the most profit potential.
Make yourself familiar with this technical indicator and thoroughly test and evaluate it until you fully understand how it works.
It supports all time frames and Forex pairs.
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The following chart shows how the Magic RSI Forex Scalper indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Magic RSI Forex Scalper?
Find a simple trading example below:
- A buy scalper signal is formed when the first blue colored RSI arrow gets printed on the chart.
- Open a buy trade and place a protective stop below technical support.
- Exit method 1: close the buy trade for 10-20 pips profit potential.
- Exit method 2: keep the trade open until a sell signal gets triggered on the chart.
- A sell scalper signal is formed when the first red colored RSI arrow gets printed on the chart.
- Open a sell trade and place a protective stop above technical resistance.
- Exit method 1: close the sell trade for 10-20 pips profit potential.
- Exit method 2: keep the trade open until a buy signal gets triggered on the chart.
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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 RSI_Arrow.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