The Relative Momentum Index (RMI) Histogram indicator for Metatrader 5 is a momentum-based technical oscillator that delivers trading signals.
The indicator spots short-term trends very easily and works best for scalpers and day traders.
Swing traders should be using it to enter the market at optimal levels in trending markets.
How to spot buy & sell trends with the Relative Momentum Index (RMI) indicator?
- Blue histogram bars are bullish.
- Purple histogram bars are bearish.
The following indicator inputs and parameters can be modified: momentum period, applied price, colors, and style.
To scalp with this indicator, it’s recommended to use it in the London and New York trading sessions for better results.
Please make yourself familiar with this technical indicator and test it first on a demo account.
Download Indicator 🆓
RMI_Histogram.mq5 Indicator (MT5)
Chart Example
The following chart shows what the Relative Momentum Index Histogram indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Relative Momentum Index Histogram Indicator?
Find a simple trading example below:
Buy Signal
- The first blue colored RMI histogram bar is a buy signal.
- Initiate a buy trade and set your stop loss slightly below the most recent support area.
- Close the buy trade for a fixed profit target or hold the trade until the first purple colored bearish RMI bar histogram is displayed on the chart.
Sell Signal
- The first purple colored RMI histogram bar is a sell signal.
- Initiate a sell trade and set your stop loss slightly above the most recent resistance area.
- Close the buy trade for a fixed profit target or hold the trade until the first blue colored bullish RMI bar histogram gets displayed on the chart.
Download Now 🆓
RMI_Histogram.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the RMI_Histogram.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration