The RSI of Average Forex Trend indicator for Metatrader 5 is based on the relative strength index and provides trend trading signals.
The indicator appears in a separate chart window as green and orange colored zones:
- The green zone is a bullish signal.
- The orange zone is a bearish signal.
- The gray line that appears in between both trading zones is neutral.
The RSI of Average Forex Trend indicator works for any trading instrument that can be loaded in the Metatrader 5 platform.
The following indicator inputs can be modified: RSI period, average period, average method, price, DSL signal period, zones display mode.
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 of Average Forex Trend indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The RSI of Average Forex Trend Indicator?
Find a simple trading example below:
- The start of the green RSI zone is a buy signal.
- Open a buy trade and set your initial stop loss below the previous swing low.
- Close the buy trade for a reward/risk ratio of at least 1.5, or wait for a sell signal.
- The start of the orange RSI zone is a sell signal.
- Open a sell trade and set your initial stop loss above the previous swing high.
- Close the sell trade for a reward/risk ratio of at least 1.5, 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 Dsl RSI of average.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