RSI Trend Scalper for Metatrader 5 is a Forex indicator that creates powerful signals based on RSI overbought & oversold market levels.
The indicator appears in a bottom window as a bi-colored signal line.
It’s recommended to trade in agreement with the overall trend:
- In an uptrend, only trade the green colored signal line. Ignore the red signal line.
- In a downtrend, only trade the red colored signal line. Ignore the green signal line.
The following indicator inputs and parameters can be modified: period (175), price, colors, and style.
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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Chart Example
The following chart shows what the RSI Trend Forex Scalper indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The RSI Trend Scalper Indicator?
Find a simple trading example below:
Buy Signal
- The overall trend should be upward while the green colored signal line gets displayed on the chart.
- Open a buy trade and set your stop loss slightly below the most recent support level.
- Close the sell trade for a fixed profit target, or hold the trade until the green colored signal line appears on the chart.
Sell Signal
- The overall trend should be downward while the red colored signal line gets displayed on the chart.
- Open a sell trade and set your stop loss slightly above the most recent resistance level.
- Close the buy trade for a fixed profit target, or hold the trade until the red colored signal line appears on the chart.
