The RD Forecast oscillator indicator for Metatrader 5 generates multiple daily trading signals using the RD forecast trading method.
The indicator gets displayed in a bottom chart window as a green and magenta colored line that oscillates above and below the zero level.
To identify bullish and bearish market sentiment, please follow the simple guidelines below:
- A bullish market sentiment occurs when the RD oscillator trades above 0.
- A bearish market sentiment occurs when the RD oscillator trades below 0.
The indicator contains the following inputs and parameters: length, t3, b, and applied price (close).
Before using this technical indicator, it is advisable to become familiar with its functionality and test it extensively on a demo account.
For optimal results, the indicator is most effective during the London and American trading sessions, which have higher market volatility.
It caters well to both scalpers and day traders.
Remember to have realistic expectations, performance will vary depending on market conditions (trending markets, sideways markets, etc.).
Free Download
rd-forecastosc.mq5 Indicator (MT5)
Chart Example
The picture below illustrates how the RD Forecast oscillator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The RD Forecast Oscillator Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is given when the oscillator turns back above 0 (see chart example above).
- Place a protective stop loss slightly below short-term support.
- Close the buy trade when it reaches a predetermined pips target of your choice, or await a bearish reversal signal.
Sell Signal
- A sell signal is given when the oscillator turns back below 0 (see chart example above).
- Place a protective stop loss slightly above short-term resistance.
- Close the sell trade when it reaches a predetermined pips target of your choice, or await a bullish reversal signal.
