The Directional RSI Signals Metatrader 5 forex custom indicator is a technical tool that is centered on Directional Movement.
Filtering and of course the Parabolic SAR is added to the Directional RSI Signals indicator to allow it properly estimate trend change (instead of making use of levels for that purpose).
There are four key input parameters that are available on this trading indicator:
Dynamic RSI calculation period – defines the adjustable calculation period for the RSI
Filter – defines the indicator filtering value
Parabolic SAR step – defines the adjustable step value
Parabolic SAR maximum – defines the adjustable maximum value
Download the “drsi_2.ex5” MT5 indicator
The AUD/USD H1 chart below displays the Directional RSI Signals Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the lime green dots of the indicator pops up below the dark gray line within its indicator window.
Sell Signal: Go short when the pale violet red dots of the indicator pops up above the dark gray line within its indicator window.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, a pale violet red dot of the Directional RSI Signals MT5 forex indicator pops up within its indicator window.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, a lime green dot of the Directional RSI Signals MT5 forex indicator pops up within its indicator window.
Tips: Be sure to combine the Directional RSI Metatrader 5 forex indicator together with other technical analysis tools to built a complete forex system.
Download the “drsi_2.ex5” Metatrader 5 indicator
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Dynamic rsi calculation period, Filter, Parabolic SAR step, Parabolic SAR maximum), 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 drsi_2.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)