The RSI Forex Scalper indicator for Metatrader 5 gets displayed as a beginner friendly buy/sell signal oscillator in a bottom chart window.
It consists of green and red colored histogram bars that oscillate above and below the zero level.
How to spot market trends with it?
- RSI bars above 0 are bullish.
- RSI bars below 0 are bearish.
For scalpers and day traders, the RSI scalper delivers the best results during the London and New York trading sessions.
The indicator has the following inputs and parameters: fast RSI period, slow RSI period, smoothing.
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 Forex Scalper indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The RSI Forex Scalper Indicator?
Find a simple trading example below:
- The first green RSI scalper bar above zero is a buy signal.
- Open a buy trade and place your stop loss below the most recent support area.
- Close the buy trade for a fixed take profit target, or utilize your own exit strategy.
- The first red RSI scalper bar below zero is a sell signal.
- Open a sell trade and place your stop loss above the most recent resistance area.
- Close the sell trade for a fixed take profit target, or utilize your own exit strategy.
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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_Oscillator_Histo.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