The RSI of MACD double Metatrader 5 forex indicator is a blend of two very crucial technical indicators, one is the Relative Strength Index, while the other is the MACD (Moving Average Convergence Divergence).
Both of them are momentum indicators, but function very differently.
The MACD indicator signals changes in trend via its rise and decline off the zero mark level, while the RSI on the other hand, will attempt to gauge overbought or oversold conditions.
Put all of these together and we have one hell of an indicator i.e. the RSI of MACD double, which offers the best of both worlds.
The EUR/USD H1 chart below displays the RSI of MACD Double Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the gold signal line of the RSI of MACD double Metatrader 5 custom forex indicator crosses its lime line in a bottom up fashion.
Sell Signal: Go short when the gold signal line of the RSI of MACD double Metatrader 5 custom forex indicator crosses its orange line in a top downward manner.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the lines of the RSI of MACD double MT5 forex indicator intersects.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the lines of the RSI of MACD double MT5 forex indicator intersects.
Tips: The RSI of MACD double Metatrader 5 forex indicator can be treated as a standalone technical tool, yet adding other technical tools to this setup isn’t prohibited, as it’ll greatly improve your trading results.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (RSI period, Fast EMA period, Slow EMA period, Signal EMA period, Price to use, Should it be double macd?), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: oscillator | momentum
Copy and paste the rsi_of_macd_double.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)