The MACD on RSI Metatrader 5 forex indicator is a MACD histogram that is plotted on the foundation of the RSI smoothed oscillator.
The red line is the signal of the histogram, while the green line is the RSI oscillator drawn on the Moving Average values.
When the histograms gets placed above the zero signal level, they are colored blue violet and dodger blue while its color reverts to magenta and Indian red when the histograms align below the zero center line.
Trading the histogram cross above or below the zero signal level is a preferred technique for trend detection when using the MACD on RSI indicator.
The indicator works for scalping, day trading and swing trading currency pairs.
The EUR/CHF H1 chart below displays the MACD on RSI Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the blue violet and dodger blue histograms of the MACD on RSI Metatrader 5 forex indicator gets aligned above the zero signal line.
Sell Signal: Go short when the magenta and Indian red histograms of the MACD on RSI Metatrader 5 forex indicator pops up below the zero signal line.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the MACD on RSI indicator pops up a magenta histogram below the zero signal level.
Exit sell trade: Close all sell orders if while a bearish trend is running, the MACD on RSI indicator puts up a dodger blue histogram that gets placed above the zero signal level.
Tips: The MACD on RSI indicator automatically adapts to the chart period, while revealing the direction of the market.
It is okay to use this indicator in isolation, but it’ll definitely perform wonders when used alongside other technical indicators.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (MAPeriod, MAType, MAPrice, RSIPeriod, FastMACD, SlowMACD, SignalMACD, horizontal shift of the indicator in bars), 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 macdonrsi.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)