The RSI Divergence Arrow Signal indicator for Metatrader 5 provides buy/sell signal arrows based on divergence found between price and RSI.
The indicator scans the chart for bullish and bearish divergences and draws the accompanied arrows on the chart.
In essence, the indicator spots trend reversal signals and low risk stop losses can be used.
How to interpret the arrows?
- A blue arrow indicates a bullish trend reversal.
- A red arrow indicates a bearish trend reversal.
For scalpers and day traders, utilize this indicator during the London and American trading sessions for best trading results.
The indicator contains the following inputs and parameters: time frame, RSI period (14), applied price, overbought, oversold, bullish color, bearish color.
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 Divergence Arrow Signal Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The RSI Divergence Arrow Signal Indicator?
Find a simple trading example below:
- A blue divergence arrow is a buy signal.
- Open a long trade and place your stop loss 3 pips below immediate support.
- Close the buy trade for a fixed profit target or wait for an opposite signal arrow.
- A red divergence arrow is a sell signal.
- Open a short trade and place your stop loss 3 pips above immediate resistance.
- Close the sell trade for a fixed profit target or wait for an opposite signal arrow.
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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_Divergence.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