The RSI Overlay Forex indicator for Metatrader 5 transforms the classic RSI indicator into a solid buy and sell technical tool.
The RSI overlay indicator appears as green/light-brown/red colored RSI candles on the main chart screen.
How to spot buy & sell market signals with it?
- A green colored RSI candle is a buy signal.
- A red colored RSI candle is a sell signal.
- A light-brown RSI candle is neutral.
For scalpers, the RSI Overlay indicator produces the best results during the most volatile trading sessions (London, New York).
The indicator includes the following inputs and parameters: data RSI compare mode, RSI period, RSI applied price, RSI overbought (70.0), RSI oversold (30.0).
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 Overlay indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The RSI Overlay Forex Indicator?
Find a simple trading example below:
- The first green colored RSI overlay candle is your buy entry signal.
- Open a buy trade and place your stop loss below immediate support.
- Close the buy trade for a fixed profit target of your preference, or wait for a sell signal.
- The first red colored RSI overlay candle is your sell entry signal.
- Open a sell trade and place your stop loss above immediate resistance.
- Close the sell trade for a fixed profit target of your preference, or wait for a buy 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_Overlay.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