The RSI Candle Keltner Metatrader 5 forex indicator depicts the RSI indicator in its candlestick form, with the Keltner channel calculated relative to RSI averaging.
The indicator is implemented as a sequence of candlesticks, which shows up as a result of significant price time series processed by the RSI algorithm.
This approach has resulted into a more informative medium of analysis in a lot of ways.
The RSI Candle Keltner Metatrader 5 forex indicator deploys two extreme levels i.e. 70 and 30.
The readings are essentially similar to those of the basic RSI, where candles that cross above the 70 level get tagged overbought, while those that cross below the 30 level get tagged oversold.
The EUR/CHF H4 chart below displays the RSI Candle Keltner Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the candle of the RSI Candle Keltner Metatrader 5 forex indicator opens and closes above the 50 level.
Sell Signal: Go short when the candle of the RSI Candle Keltner Metatrader 5 forex indicator opens and closes below the 50 level.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the forex indicator candle closes below the 50 level.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the forex indicator closes above the 50 level.
Tips: Never trade the RSI Candle Keltner Metatrader 5 fx indicator alone, but in combination with other technical indicators like the moving averages, parabolic sar, Bollinger bands, etc. for the best market perspective.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (RSI_Period,..), 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 RSICandleKeltner.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)