The Relative Volatility Index Metatrader 5 forex indicator consists of two colored filled floating area’s which represent support and resistance.
Setting the floating levels to < 1 turns off this feature, something this indicator really needs.
This RSI based forex indicator for MT5 can be used as a buy and sell forex trading tool (learn more below).
To avoid false positives, smoothing is added to the Relative Volatility Index MT5 forex indicator (by setting the smoothing to ≤ 1).
The EUR/CAD H4 chart below displays the Relative Volatility Index Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the un-dotted line of the Relative Volatility Index MT5 forex indicator turns lime green with a lavender filled area below it.
Sell Signal: Go short when the un-dotted line of the Relative Volatility Index MT5 forex indicator turns orange with a moccasin filled area above it.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the lime green line of the indicator turns silver (breaking below the dotted floating lime green level).
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the orange line of the indicator turns silver (breaking above the dotted floating orange level).
Tips: The Relative Volatility Index Metatrader 5 forex indicator is a multi-time frame technical tool that can be adopted by long and short term traders alike.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Time frame, Relative volatility index period, Price to use, Deviation method, Average method for volatility calculation, Smoothing period, Average method for volatility smoothing, Floating levels look back period, Floating levels up level %, Floating levels down level %, Color change :, Turn alerts on? Alerts on current bar?, Display messages on alerts?, Play sound on alerts, Send email on alerts?, Send push notification on alerts?, Interpolate mtf data ?), 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 Relative_volatility_index.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)