The RSI Slope Divergence MTF indicator for Metatrader 5 is a trend trading channel that provides solid buy and sell trading signals.
The indicator draws a gray colored trend-following channel on the chart that can be used for both trade entry and exit signals.
The trading channel is based on the RSI + linear regression technical indicators.
How to spot bullish and bearish market trends with this indicator?
- An upward sloping channel is bullish.
- A downward sloping channel is bearish.
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), price, linear regression period, colors, interpolation.
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 Slope Divergence MTF Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The RSI Slope Divergence MTF Indicator?
Find a simple trading example below:
- Price touches the lower RSI channel’s boundary and the channel is sloping upward (bullish).
- Open a long trade and place your stop loss 5 pips below short-term support.
- Close the buy trade when price touches the upper channel’s boundary (resistance).
- Price touches the upper RSI channel’s boundary and the channel is sloping downward (bearish).
- Open a short trade and place your stop loss 5 pips above short-term resistance.
- Close the sell trade when price touches the lower channel’s boundary (support).
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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 slope divergence (mtf).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