The RBVI Metatrader 5 indictor is an indicator that has a lot of relevance to night traders i.e. traders that trade the night market.
We know that there’s a sharp decline in volatility due to the absence of active trading exchanges at night.
The RBVI Metatrader 5 forex indicator takes into consideration the price flow along with the market volatility, with an understanding of how flat market behave.
It is advisable to use the RBVI Metatrader 5 indicator during night market sessions.
The values of the RBVI Metatrader 5 forex indicator are easily interpreted;
If the indicator carries a value that is less than 40%, the market is said to be flat.
If the RBVI MT5 fx indicator carries a value that is greater than 60%, the market is said to be active.
Free Download
Download the “RBVI.ex5” MT5 indicator
Example Chart
The EUR/CAD H4 chart below displays the RBVI Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Wait for the night market session and go long after confirming from a trend tool i.e. the moving averages, when the RBVI Metatrader 5 indictor carries a value that is less than 40%.
Sell Signal: Wait for the night market session and go short after confirming from a trend tool i.e. the moving averages, when the RBVI Metatrader 5 indictor carries a value that is less than 40%.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the RBVI MT5 fx indicator carries a value that is greater than 60%.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the RBVI MT5 fx indicator carries a value that is greater than 60%.
Tips: The RBVI Metatrader 5 custom forex indicator is well-suited for scalpers and traders holding overnight positions.
Download
Download the “RBVI.ex5” Metatrader 5 indicator
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (RBVIPeriod, Volume type, Tick), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: oscillator
Installation
Copy and paste the RBVI.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)