The RMA MTF Forex indicator for Metatrader 5 creates trading signals that can be used for both trade entries and exits.
The RMA indicator follows the overall trend and is always active in the currency market, either with a buy or sell trade.
The trade logic goes as follows:
- A green colored line is a buy signal.
- A red colored line is a sell signal.
RMA should work equally well for any time frame and trade style.
The indicator contains the following inputs and parameters: time frame*, period, price, interpolation.
*The indicator includes the multiple time frame (MTF) analysis function.
You can experiment with the MTF setting in the indicator’s inputs section.
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames and Forex pairs.
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The following chart shows how the RMA MTF Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The RMA MTF Forex Signal Indicator?
Find a simple trading example below:
- A green colored RMA MTF line is a buy signal.
- Open a buy trade and set your stop loss 3 pips below most recent support.
- Close the buy trade for a fixed take profit, or hold the trade until the red RMA MTF line appears on the chart.
- A red colored RMA MTF line is a sell signal (see chart above).
- Open a sell trade and set your stop loss 3 pips above most recent resistance.
- Close the sell trade for a fixed take profit, or hold the trade until the green RMA MTF line appears on 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 RMA (mtf).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