The no lag Relative Strength Index (RSI) indicator for Metatrader 5 measures momentum and delivers non-lagging overbought and overbought market signals.
The indicator is displayed as an oscillator that appears in a separate chart window.
- An overbought market situation occurs when the RSI reading is above 70.
- An oversold market situation occurs when the RSI reading is below 30.
The RSI indicator is often used in trading systems and strategies.
The indicator does not repaint and works equally well for newbies and seasoned traders alike.
The indicator contains the following inputs and parameters: period (14), style, color.
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 no lag Relative Strength Index (RSI) indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The No Lag Relative Strength Index (RSI) Forex Indicator?
Find a simple trading example below:
- A bullish signal is given when the overall market trend is upward and the RSI indicator turns back above 30 from below.
- Open a buy transaction and place your stop loss below the most recent support zone.
- Close the buy trade for a fixed take profit target, or wait for a sell signal.
- A bearish signal is given when the overall market trend is downward and the RSI indicator turns back below 70 from above.
- Open a sell transaction and place your stop loss above the most recent resistance zone.
- Close the sell trade for a fixed take profit target, 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 NonLagRSI.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