The Stochastic RSI Forex Intraday indicator designed for Metatrader 5 provides robust trading signals to both scalpers and intraday traders.
The indicator is mainly composed of the Stochastic and RSI technical indicators and appears in a dedicated chart window.
It creates easy to spot buy and sell trade zones that work great if you are looking for 10-30 pips per trade.
Buying and selling colors explained:
- The green colored trade zone marks a bullish short-term trend.
- The orange colored trade zone marks a bearish short-term trend.
The following indicator inputs and parameters can be customized: time frame, stochastic period, stochastic slowing, RSI period, price to use, smoothing method, colors, signal alerts, etc.
Enhance your trading results with these valuable trading tips:
- Deploy this indicator on the lower spread Forex pairs.
- Utilize during the most volatile trading hours.
The Stochastic RSI Intraday indicator works for any trading instrument supported by the Metatrader 5 platform.
Make yourself familiar with this technical indicator and test it first on a demo account before using it in a real trading account.
It supports all time frames and Forex pairs.
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The following chart shows how the Stochastic RSI Intraday indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Stochastic RSI Forex Intraday Indicator?
Find a simple trading strategy below:
- A buy signal is confirmed when the green trading zone appears on the chart.
- Initiate a buy transaction and place a stop order below technical support.
- Exit the buy trade for 10-30 pips profit potential.
- Optional: hold the buy trade and wait for the orange colored trading zone.
- A sell signal is confirmed when the orange trading zone appears on the chart.
- Initiate a sell transaction and place a stop order above technical resistance.
- Exit the sell trade for 10-30 pips profit potential.
- Optional: hold the sell trade and wait for the green colored trading zone.
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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 Stochastic_Rsidomaw.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