The Cog RSI Histogram Forex indicator is an easy to use signals indicator that is based on COG and RSI.
After adding the indicator to the Metatrader 4 chart, it appears in a separate window underneath the activity chart in the form of a colored buy/sell histogram.
The histogram alternates between blue and orange colored signal bars that fluctuate above and below the neutral zero level.
This signals indicator works for any currency pair and time frame of your preference.
It can be used as a standalone signals indicator or mixed up with a price action strategy.
- A blue colored Cog RSI Histogram signals a buy trade opportunity.
- A orange colored Cog RSI Histogram signals a sell trade opportunity.
- Works for any trade style.
- Simple to use, even for absolute beginners.
- Overall a profitable Forex indicator.
Feel free to experiment with the different indicator’s inputs settings to suit your needs and preferences.
The GBP/USD 30-minute chart below displays the Cog RSI Histogram Forex Signals MT4 indicator in action.
Basic Trading Signals
Signals from the Cog RSI Histogram MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open a buy trade as soon as the histogram switches color from orange to blue.
Place a stop loss below support or use your own preferred stop loss strategy.
Take profit when an opposite signal appears on the chart (histogram turns back to orange color below the 0.00 level).
Sell Signal: Open a sell trade as soon as the histogram switches color from blue to orange.
Place a stop loss above resistance or use your own preferred stop loss strategy.
Take profit when an opposite trade signal appears on the chart (histogram turns back to blue color above the 0.00 level).
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (RSI period, signal period, Fibonacci band) Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Type: Forex signal
Copy and paste the cog-rsi-histogram.ex4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)