The METRO RSI Metatrader 5 forex indicator is an oscillator that displays its values in relation to the Relative Strength Index or RSI technical indicator.
The orange line within the METRO RSI indicator represents the basic RSI indicator, while the cloud alters its color based on the direction of the trend.
The blue colored cloud depicts a bullish trend, while the magenta colored cloud is used to signal a sell.
There are basic extreme levels of above 70 and below 30, which are used to show overbought and oversold market conditions respectively.
The USD/CHF M30 chart below displays the METRO RSI Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the ascending blue colored cloud of the METRO RSI Metatrader 5 custom forex indicator gets displayed within the indicator window.
Sell Signal: Go short when the descending magenta colored cloud of the METRO RSI Metatrader 5 custom forex indicator gets put on display within the indicator window.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the orange METRO RSI indicator line dips below the 70 level.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the orange METRO RSI forex indicator line breaks above the 30 level.
Tips: The METRO RSI forex indicator should not be deployed in isolation, rather it should be used in a mix with trend following indicators like Bollinger Bands or a simple moving average.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Indicator period, Fast step, Slow step, Horizontal shift of the indicator in bars), 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 colormetro.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)