The RSI Super Trend Forex indicator for Metatrader 5 transforms the regular RSI indicator into an amazing no-repaint buy a sell technical tool.
The indicator appears in the main chart window as a blue and red colored signal line.
RSI Super Trend changes the line color when the overall trend starts turning in the opposite direction.
How to identify buy and sell trade opportunities?
- The blue colored RSI line indicates a buy trend.
- The red colored RSI line indicates a sell trend.
The following indicator inputs and parameters can be modified: upper limit of RSI changes, lower limit of RSI changes, RSI period.
The RSI Super Trend indicator delivers the most promising signals in trending markets and may work less accurate in sideways moving markets.
Make yourself familiar with this technical indicator and test it first on a practice account until you fully understand how it works.
It supports all time frames and Forex pairs.
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The following chart shows how the RSI Super Trend indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The RSI Super Trend Indicator?
Find a simple trading example below:
- A buy signal is given when the blue colored line shows up in the price chart.
- Open a buy trade and place a stop order below the previous swing low region.
- Exit method 1: close the buy trade for a risk to reward ratio of at least 2.0 or better.
- Exit method 2: reverse the buy trade when the red colored RSI line pops up in the chart.
- A sell signal is given when the red colored line shows up in the price chart.
- Open a sell trade and place a stop order above the previous swing high region.
- Exit method 1: close the sell trade for a risk to reward ratio of at least 2.0 or better.
- Exit method 2: reverse the sell trade when the blue colored RSI line pops up in 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 Trend.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