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, 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.).
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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:
- 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.
- 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.
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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 rd-forecastosc.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