The THV V4 Signals MT4 forex indicator is based on the popular RSI trading indicator and oscillates between 0 and 100 in a separate Metatrader 4 window.
Overbought signals can be found above 85 values while oversold signals can be found below 15.
THV will draw a thick red line for overbought market values and a thick green line for oversold market values.
The THV indicator has a lot of interesting settings which can be modified directly from the indicator’s input tab.
It is not recommended to use the THV as a standalone forex indicator, instead, use it together with a trend following indicator such as an exponential moving average set at period 100.
Only trade in the direction of the prevailing trend as indicated by the EMA100.
Price above EMA100? Only trade the thick green lines. (oversold).
Price below EMA100? Only trade the thick red lines. (overbought).
The indicator works for any timeframe and currency pair including majors, cross pairs and exotic pairs.
The USD/CHF M60 chart below displays the THV V4 Signals forex indicator in action.
Basic Trading Signals
Signals from the THV V4 Signals forex MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open buy position when the indicator draws a green thick line (oversold).
Sell Signal: Open sell position when the indicator draws a red thick line (overbought) .
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: Variable (RSIPeriod, Price Type, overBought, overSold, ShowArrows, AlertsOn, AlertsEmail) 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 thv-rsi-oscillator.ex4 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)