The RSTL MT4 Forex indicator is a trend following one line technical indicator.
Price trades above the brown line, this can be seen as bullish price action.
Price trades below the brown line, this can be seen as bearish price action.
The indicator works for scalping, day trading and swing trading.
The EUR/USD H1 chart below displays the RSTL forex indicator in action.
Basic Trading Signals
Signals from the RSTL forex MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open buy order when price crosses and closes above the brown colored line from below.
Sell Signal: Open sell order when price crosses and closes below the brown colored line from above.
Trade Exit: Close the open trade when an opposite signal occurs, or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: 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 rstl-indicator.mq4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)