The RVI Histogram Forex Alert indicator for Metatrader 5 delivers buy & sell trading signals that work great for both scalper and day traders.
It looks very similar to the Stochastic Histogram Forex Alert indicator.
The indicator appears in a separate chart window as blue/gray/magenta colored histogram bars that oscillate above and below zero.
How to interpret this indicator?
- A buy trend occurs when the histogram bars are colored blue.
- A sell trend occurs when the histogram bars are colored magenta.
- Gray bars indicate a sideways moving market.
For short-term traders, deploy the RVI Histogram Forex Alert indicator during the London and New York trading session.
The indicator contains the following inputs and parameters: period, color, style.
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 RVI Histogram Forex Alert indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The RVI Histogram Forex Alert Indicator?
Find a simple trading example below:
- A buy signal is given when the RVI histogram bars turn back to blue color from gray color.
- Open a buy transaction and place your stop loss 3 pips below the most recent support level.
- Close the buy trade as soon as the first magenta colored RVI bar gets displayed on the chart.
- A sell signal is given when the RVI histogram bars turn back to magenta color from gray color.
- Open a sell transaction and place your stop loss 3 pips above the most recent resistance level.
- Close the sell trade as soon as the first blue colored RVI bar gets displayed on 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 RVI_Histogram_Alert.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