The RSI Divergence Candles Metatrader 5 forex indicator is a momentum oscillator that gauges the speed and change of price movements.
As a matter of fact, the indicator is deployed in the form of candles that are colored differently in a manner that gives traders plenty information about market trends.
The candles are enclosed within the indicator window and gets colored medium sea green or orange red.
The building block for this indicator is the Relative Strength Index, which was originally developed by J. Welles Wilder.
We have no further information on who’s behind this modified RSI idea.
However, once added on the activity chart, the RSI divergence candles indicator is self-explanatory.
The indicator works for scalping, day trading and swing trading purposes without any problem.
Download the “Rsi divergence candles.ex5” MT5 indicator
The USD/JPY H1 chart below displays the RSI Divergence Candles Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the candles of the RSI divergence candles Metatrader 5 forex indicator turn medium sea green.
Sell Signal: Go short when the candles of the RSI divergence candles Metatrader 5 forex indicator turn orange red.
Exit buy trade: Close all buy orders if while a bullish trend is running, the RSI divergence candles indicator puts up an orange red candle.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the RSI divergence candles indicator displays a medium sea green candle.
Tips: The RSI divergence candles indicator compares bullish and bearish price momentum and displays the results in the form of colored candles that traders can utilize in ramping up profits.
Download the “Rsi divergence candles.ex5” Metatrader 5 indicator
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Fast RSI period, Slow RSI period, Smoothing period, Price), width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: trend | momentum oscillator
Copy and paste the Rsi divergence candles.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)