An easy to use Forex trading indicator for Metatrader 4 based on RSI + filter. The indicator shows up in a sub window below the main MT4 trading chart.
Feel free to experiment with the RSI period values.
I prefer to use values above 25. This reduces the amount of false signals.
You can use the RSIFilter with an overbought/oversold oscillator (for example the Stochastic oscillator) for more accurate entry and exit signals.
Trading Signals
Buy signal: Wait for the RSI filter to turn orange from blue color.
Sell signal: Wait for the RSI filter to turn blue from orange color.
Indicator Preferences
Currency pairs: any
Time frames: any
Trading sessions: any
Download
Download the RSIFilter.mq4 indicator.
Configurable Indicator Options
Colors, RSI period,…
EUR/USD H1 Chart Example
How to install the RSI Filtered custom indicator in Metatrader 4?
- Download the RSIFilter.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.