The Ehlers Fisher Smoother RSI Metatrader 5 forex indicator uses an adjusted RSI within a fisher transform calculation in a bid to further normalize and highlight the values of the RSI.
This RSI based technical indicator makes it easier to spot current market conditions.
Traders can decide between using floating levels or non-floating levels just by switching between the values of the floating level period from greater than 1 (for floating levels) to less than or equal to 1 (for non-floating or fixed level).
The indicator’s ability to filter out some of the likely insignificant changes is made possible by smoothing of the RSI value.
The EUR/CHF H4 chart below displays the Ehlers Fisher Smoother RSI Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the line of the Ehlers Fisher Smoother RSI Metatrader 5 forex indicator turns lime green.
Sell Signal: Go short when the line of the Ehlers Fisher Smoother RSI Metatrader 5 forex indicator turns orange.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the line of the MT5 forex indicator turns silver.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the line of the MT5 forex indicator turns silver.
Tips: The Ehlers Fisher Smoother RSI Metatrader 5 forex indicator is a rich technical tool that truly identifies trends as they form and when they get exhausted.
Use it for scalping, day trading and swing trading forex strategies.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable [RSI period, Average period (<=1 for no average), Average method, Price, Color change, Floating levels period (<=1 for fixed levels), Up level %, Down level %], 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 Ehlers inverse fisher transform of smoothed rsi.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)