The RSI Candle Histogram Forex indicator for Metatrader 5 delivers interesting buy and sell trade entry signals based on RSI candles.
The signals generated by this indicator should work the best for scalpers and intraday traders.
The indicator shows up in a bottom chart as colored RSI based candles that appear above and below the zero level.
How does it work?
- RSI candles printed above zero indicate a bullish trend.
- RSI candles printed below zero indicate a bearish trend.
The following indicator inputs and parameters can be modified: RSI period (14), extreme values -15 and 15, style, color.
The RSI Candle Histogram indicator works for any trading instrument that can be loaded in the Metatrader 5 platform.
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 RSI Candle Histogram indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The RSI Candle Histogram Forex Indicator?
Find a simple trading example below:
- The appearance of the first RSI candle printed above zero is a buy signal.
- Open a buy trade and place your stop loss 3 pips below the most recent support area.
- Close the buy trade for 7-20 pips profit or wait for a bearish trend reversal signal.
- The appearance of the first RSI candle printed below zero is a sell signal.
- Open a sell trade and place your stop loss 3 pips above the most recent resistance area.
- Close the sell trade for 7-20 pips profit or wait for a bullish trend 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 RSI_Candle_Vol.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