RSI Filtered Forex Indicator
An easy to use forex trading indicator 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.
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.
Currency pairs: any
Time frames: any
Trading sessions: any
Configurable Indicator Options
Colors, RSI period,…
EUR/USD H1 Chart Example