The RSI Divergence Candles indicator for Metatrader 5 is an awesome trading signals tool solely based on the RSI technical indicator + divergence.
The indicator appears in a bottom window as a colored technical oscillator that shows market direction.
How to identify market trends with the RSI Divergence Candles indicator?
- Green colored RSI candles show a positive trend.
- Red colored RSI candles show a negative trend.
The following indicator inputs and parameters can be modified: fast RSI period (8), slow RSI period (55), smoothing period, price.
For scalpers, the indicator should deliver the best results in the London and New York trading sessions.
Make yourself familiar with this technical indicator and test it first on a demo account.
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The following chart shows how the RSI Divergence Candles indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The RSI Divergence Candles Signal Indicator?
Find a simple trading example below:
- The first green RSI candle above zero is your buy entry signal.
- Open a buy trade and set your stop loss slightly below most recent support.
- Close the buy trade for a fixed profit target, or hold the trade until the first red colored RSI candle appears on the chart.
- The first red RSI candle below zero is your sell entry signal.
- Open a sell trade and set your stop loss slightly above most recent resistance.
- Close the sell trade for a fixed profit target, or hold the trade until the first green colored RSI candle 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 Rsi divergence candles.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