The RSO Oscillator Signal forex MT4 indicator is based on RSI and oscillates above and below the zero level.
It displays green and red bars in an easy to understand sub window below the main activity chart.
RSO values above the zero level suggest bullish price action of the currency pair and traders look to buy.
RSO values below the zero level suggest bearish price action of the currency pair and traders look to sell.
RSO suits scalpers, day traders, swing traders and position traders.
Free Download
Download the “RSO.mq4” MT4 indicator
Example Chart
The GBP/USD M15 chart below displays the RSO forex indicator in action.
Basic Trading Signals
The RSO Metatrader 4 indicator is easy to trade, even for beginners.
Buy and sell signals from this indicator goes as follows:
Buy Trade: Open buy trade when the indicator crosses and closes above the zero level from below
Sell Trade: Open sell trade when the indicator crosses and closes below the zero level from above
Exit Trade: Exit an open trade at an opposite signal or use your own preferred exit method
Download
Download the “RSO.mq4” Metatrader 4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (RSO Period) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: Signals | Oscillator
Installation
Copy and paste the RSO.mq4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)