RSI Filter Forex Indicator is a very simple trading indicator. This tool alone is not enough to make trading decisions for you but it will tell you a lot about the movements of the market. You can know a lot about the direction of the market by this indicator. It might not be suitable for using as a trade signal generator but it can be used as a confirmation tool. If you have your own trading strategy you can put this indicator to check if your trades are valid.
When you install RSI Filter in your trading platform, your chart should look like this:
RSI Filter is a technical indicator which consists of red and blue bars. When the bars are in positive territory it’s blue and when the bars are in negative territory bars are
red. Therefore, you should be buying only when the bars are positive or blue similarly you should be selling only when the bars are in negative territory or red.
Buying Conditions Using RSI Filter.
– Market should be up trending.
– The RSI Filter indicator should form blue bars.
– Place your long position as soon as above conditions are met.
– Place your stop loss just below the recent swing low.
– Take your profit when the RSI Filter bars form red bars.
Selling Conditions Using RSI Filter.
– Market should be down trending.
– The RSI Filter indicator should form red bars.
– Place your short position as soon as above conditions are met.
– Place your stop loss just above the recent swing high.
– Take your profit when the RSI Filter bars form blue bars.
Forex Indicators Download – Instructions
RSI Filter Forex Indicator is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
RSI Filter Forex Indicator provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
Do the same with template file (.tpl), if there is any, at File/Open Data Folder/templates.
How to install RSI Filter Forex Indicator.mq4?
- Download RSI Filter Forex Indicator.mq4
- Copy RSI Filter Forex Indicator.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on RSI Filter Forex Indicator.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator RSI Filter Forex Indicator.mq4 is available on your Chart
How to remove RSI Filter Forex Indicator.mq4 from your Metatrader 4 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
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