This indicator is called the Free RSI indicator. It’s an advanced RSI indicator based on RSI, 3 Moving Averages and Envelope periods.
Buy signal: Wait for all lines to cross above the green moving average line from below (bullish)
Sell signal: Wait for all lines to cross below the green moving average line from above (bearish)
For buy: wait for a bullish cross around 30 level (oversold)
For sell: wait for a bearish cross around 70 level (overbought)
Use in conjunction with other indicators or trend analysis tools.
Configurable Indicator Options
RSI, MA1, MA2, MA3, EnvPeriod, EnvDeviat,…
USD/JPY H1 Chart Example
How to install the Free RSI custom indicator in Metatrader 4?
- Download the freeRSI.mq4 indicator to your computer.
- Open your Metatrader 4 platform.
- Open the data folder from the top menu.
- Open the MQL4 folder.
- Open the indicators folder.
- Paste the indicator file in this folder.
- Restart the trading platform.
- Open any trading chart.
- Attach the indicator to the chart.