The RAVI Metatrader 4 forex indicator is made up of two moving averages calculated in percentages.
The author of this amazing indicator is T. Chand.
He recommends the use of plus/minus 0.3 percent or plus/minus 0.1% in relation to the market but we are implementing the former.
The continuation in the rise of the RAVI indicator histogram depicts a continuing trend while a descending trend is shown when the RAVI histogram continues to decline.
The trend is assumed to come to an end as soon as the RAVI indicator begins to turn back to the zero signal level.
The trend is said to be renewed when the histogram turns back again without breaking the zero signal level (either upwards or downwards).
The EUR/USD M5 chart below displays the RAVI Metatrader 4 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the gray histograms of the RAVI Metatrader 4 forex indicator break and stay above the zero signal level.
Sell Signal: Go short when the gray histogram of the RAVI Metatrader 4 forex indicator dip and hover below the zero signal level.
Exit buy trade: Close all buy orders if while a bullish trend is running, the RAVI indicator re-adjust to form below the zero center line.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the RAVI indicator re-aligns to form above the zero center line.
Tips: The RAVI indicator is quite simple in itself and is identical to the Price Oscillator and MACD indicators. Scalper, day traders and swing traders can benefit from this indicator.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (Period1, Period2), width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: trend | oscillator
Copy and paste the ravi.ex4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)