The Relative Momentum Index Forex Signal for Metatrader 4 is a signal indicator that consists of Momentum, RMI and the Jurik technical indicators.
The indicator is MTF (multiple time frame) enabled, for instance, you can add signals from the H1 chart directly to the M1 chart.
The indicator appears in a bottom chart of the platform as a colored signal line that’s easy to trade, even for beginners.
- Buy & sell signal indicator.
- Beginner friendly.
- Can work as a standalone buy/sell indicator.
- Does not repaint the signal line.
Indicator Example Chart
The EUR/USD H1 chart below shows the Relative Momentum Index Forex Signal indicator in action.
Basic Trading Signals
Signals from the Relative Momentum Index Forex Signal indicator for Metatrader 4 are easy to interpret and goes as follows:
- Open a new buy trade as soon as the green signal line gets drawn on the bottom chart.
- Set a stop loss 1- 3 pips below short-term support.
- Exit the buy trade for a risk-to-reward of 1.5, or wait for an opposite sell trading signal.
- Open a new sell trade as soon as the red signal line gets drawn on the bottom chart.
- Set a stop loss 1- 3 pips above short-term resistance.
- Exit the sell trade for a risk-to-reward of 1.5, or wait for an opposite buy trading signal.
Download This Forex Indicator
Adjustable Parameters & Settings
Time frame, RMI period, momentum period, jurik smoothing phase, overbought level, oversold level, colors, width, style.
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
More Info About This Indicator
Supported currency pairs: Any
Trading Platform: Metatrader 4 (MT4)
Time Frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: Signals
How to install the Relative Momentum Index Forex Signal indicator in Metatrader 4?
- Copy and paste the relative-momentum-index-mtf-rmi.ex4 indicator into the MQL4 indicators folder.
- You can access this folder from the top menu as follows:
- File > Open Data Folder > MQL4 > Indicators (paste here)
How to remove the indicator from the chart?
- Right click in the chart
- Select indicators list
- Click on the indicator’s name
- Click on the delete button