As the name suggests, the Zero Lag RSI for Metatrader 5 is a relative strength index indicator that does not lag the price.
The indicator gets displayed in a bottom chart as a colored oscillator that oscillates above and below zero.
How to spot market trends with the zero lag RSI indicator?
- A bullish trend occurs when the RSI bars appear above zero.
- A bearish trend occurs when the RSI bars appear below zero.
The following indicator inputs and parameters can be modified: first smoothing period, second smoothing period, first RSI factor, second RSI factor, RSI periods, applied price.
For short-term traders, deploy the zero lag RSI indicator during the London and New York trading session.
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 Zero Lag RSI indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Zero Lag RSI Forex Indicator?
Find a simple trading example below:
- A buy signal is given when the RSI bar closes above zero (green color).
- Open a buy order and place your stop loss slightly below the most recent swing low.
- Close the buy trade for a reward to risk ratio of 1.5, or utilize your own take profit method.
- A sell signal is given when the RSI bar closes below zero (red bar).
- Open a sell order and place your stop loss slightly above the most recent swing high.
- Close the sell trade for a reward to risk ratio of 1.5, or utilize your own take profit method.
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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 Zero_Lag_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