The Stochastic RVI indicator for Metatrader 5 transforms price data into a powerful buy and sell trading oscillator.
The indicator is composed of RVI + Stochastics.
It can be combined with any trading strategy for additional trend confirmation, or as a standalone buy/sell signal tool.
How does it work?
- A green colored Stochastic RVI line is a buy trend.
- A red colored Stochastic RVI line is a sell trend.
The indicator contains the following inputs and parameters: RVI period (32), levels period (10.0).
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
Remember to have realistic expectations, performance will vary depending on market conditions (trending markets, sideways markets, etc.).
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The following chart shows how the Stochastic RVI Signal indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Stochastic RVI Forex Indicator?
Find a simple trading example below:
- The start of the green Stochastic RVI line is a buy signal.
- Enter a long trade and place your stop loss order below the most recent support level.
- Exit the buy trade for a fixed profit target or wait for a sell signal.
- The start of the red Stochastic RVI line is a sell signal.
- Enter a short trade and place your stop loss order above the most recent resistance level.
- Exit the sell trade for a fixed profit target or wait for a buy signal.
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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 RVI lvl.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