The RVI Bars indicator for Metatrader 5 transforms the Relative Vigor Index (RVI) into buy and sell candlesticks that can be used for precise trade entry.
RVI stands for Relative Vigor Index.
This indicator gets displayed as mainly blue and red colored candlesticks in the price chart.
To understand how the indicator functions, here are the key principles:
- A blue RVI bar signifies a bullish candlestick.
- A red RVI bar signifies a bearish candlestick.
The indicator provides various customizable inputs and parameters, including RVI period and color options.
It is strongly advised to gain confidence in the RVI Bars indicator by thoroughly testing it on a demo account before utilizing it with real funds.
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The picture below illustrates how the RSI Bars indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs Using The RSI Bars Indicator?
Find a simple trading strategy below:
- Buy market condition: it is crucial for the market to demonstrate a clear uptrend.
- A blue colored RVI bar represents a buy trade opportunity.
- Open a buy position and place your stop loss below the most recent swing low zone.
- Exit the buy trade for a risk/reward ratio of 1.3 or higher.
- Alternatively, close the buy position for a fixed take profit that suits your trade style.
- Sell market condition: it is crucial for the market to demonstrate a clear downtrend.
- A red colored RVI bar represents a sell trade opportunity.
- Open a sell position and place your stop loss above the most recent swing high zone.
- Exit the sell trade for a risk/reward ratio of 1.3 or higher.
- Alternatively, close the sell position for a fixed take profit that suits your trade style.
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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 rvi_bars.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