The Relative Broker Vigor Index (RBVI) histogram indicator for Metatrader 5 follows the trend and generates buy and sell trading signals based on the RBVI formula.
The indicator can be used as a standalone buy and sell technical tool or in conjunction with other trading indicators.
- A yellow colored RBVI histogram bar indicates a bullish market trend.
- A blue colored RBVI histogram bar indicates a bearish market trend.
The following indicator inputs and parameters can be modified: period, colors, style bars.
The Relative Broker Vigor Index indicator works equally well for any Forex pair (majors, minor, exotics) and time frame.
Make yourself familiar with this technical indicator and test it first on a practice account to gain confidence in it.
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The following chart shows how the Relative Broker Vigor Index indicator looks like when applied to the MT5 chart.
How To Buy And Sell FX Pairs With The Relative Broker Vigor Index indicator?
Find a simple trading example below:
- The first yellow colored bar in a series of yellow colored bars creates a buy signal.
- Open a buy trade and set a stop order below the previous swing low.
- Profit target method 1: exit the buy trade for a fixed profit target of your preference.
- Profit target method 2: reverse the trade when the first blue colored bar appears in the chart.
- The first blue colored bar in a series of blue colored bars creates a sell signal.
- Open a sell trade and set a stop order above the previous swing high.
- Profit target method 1: exit the sell trade for a fixed profit target of your preference.
- Profit target method 2: reverse the trade when the first yellow colored bar appears in the chart.
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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 RBVI_Histogram.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