The Cronex T RSI Metatrader 5 forex indicator is a modified version of the Relative Strength Index technical indicator.
The indicator is clearly used for determining zones in the market when price is said to be overbought or oversold.
The indicator has outlined zones that are marked above 10 and below -10, as overbought and oversold levels respectively.
Seemingly, the Cronex T RSI indicator displays two lines within its window, a steel blue (RSI) and dark orange (RSI T) line.
The EUR/CHF H4 chart below displays the Cronex T RSI Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the dark orange line of the Cronex T RSI forex indicator breaks above the -10 level.
Sell Signal: Go short when the dark orange line of the Cronex T RSI forex indicator dips below the 10 level.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the dark orange line of the Cronex T RSI MT5 forex indicator crosses the steel blue line above the 10 level.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the dark orange line of the Cronex T RSI MT5 forex indicator crosses the steel blue line below the -10 level.
Tips: The Cronex T RSI forex indicator is well suited for scalpers, day traders and medium term currency traders who wish to make repeated profits over a period.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (RSIPeriod, TCurvature), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the Cronex_T_RSI_BBSW_sub.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)