The Non Lag Inverse Fisher Transform of RSX indicator for Metatrader 5 is an inspiring technical tool used for identifying robust buy and sell trade opportunities.
It gets shown in a separate chart window as an oscillator that provides blue and orange colored trade zones.
The simple trade logic goes as follows:
- A blue trade zone provides a buy opportunity.
- An orange trade zone provides a sell opportunity.
The following indicator inputs and parameters can be modified: time frame, RSX period, price, non lag smoothing period, upper level, lower level, interpolate mtf data.
This indicator should work well as a standalone buy and sell signal generator across all available time frame supported by the MT5 charting platform.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
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The following chart shows how the Non Lag Inverse Fisher Transform of RSX indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Non Lag Inverse Fisher Transform of RSX Indicator?
Find a simple trading strategy below:
- A buy signal occurs when the blue colored trade zone appears on the chart.
- Execute a buy trade and set your stop loss slightly below support.
- Exit the open buy position for a risk to reward ratio of 1.0 or higher.
- A sell signal occurs when the orange colored trade zone appears on the chart.
- Execute a sell trade and set your stop loss slightly above resistance.
- Exit the open sell position for a risk to reward ratio of 1.0 or higher.
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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 NonLag_Inverse_Fisher_transform_of_RSX.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