The Schaff Trend RSI Forex indicator for Metatrader 5 is a popular technical oscillator that can be used to pinpoint both trade entry signals and exit signals.
It’s recommended to combine this tool with a trend indicator and only execute trades in the overall direction of the trend.
Schaff Trend RSI indicator basic signals:
- The green colored indicator line is a bullish.
- The orange colored indicator line is bearish.
The following indicator inputs and parameters can be modified: fast EMA period, slow EMA period, RSI period, price.
The Schaff Trend RSI oscillator works for any Forex pair (majors, minor, exotics) and time frame.
Make yourself familiar with this technical indicator and test it first on a demo account before applying it to a live trading account.
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The following chart shows how the Schaff Trend RSI indicator looks like when applied to the MT5 chart.
How To Buy And Sell FX Pairs With The Schaff Trend RSI indicator?
Find a simple trading example below:
- A buy signal occurs when the green colored line appears in the indicator chart and the overall currency trend is upward.
- Initiate a buy transaction and place a protective stop loss below the most recent support area.
- Exit the buy trade for a fixed profit target of your preference.
- A sell signal occurs when the orange colored line appears in the indicator chart and the overall currency trend is downward.
- Initiate a sell transaction and place a protective stop loss above the most recent resistance area.
- Exit the sell trade for a fixed profit target of your preference.
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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 Schaff trend RSI.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