The TRSI Oscillator indicator for Metatrader 4 is composed of EMA, SMA and RSI.
TRSI Oscillator consists of 3 important trading levels to keep an eye on: 30, 50 and 70.
- An indicator reading at or below the 30 level is considered to be oversold
- An indicator reading that crosses above the 50 level from below is considered to be bullish
- An indicator reading that crosses below the 50 level from above is considered to be bearish
- An indicator reading at or above the 70 level is considered to be overbought
Like most other trading oscillators, you need to use TRSI together with a trend following indicator such as a simple moving average, ADMI or exponential moving average.
Always trade in the direction of the underlying trend as indicated by the trend following indicator.
Price action above the trend following indicator? Only trade TRSI oversold signals found at the 30 level or below.
Price action below the trend following indicator? Only trade TRSI overbought signals found at the 70 level or above.
TRSI has a lot of different settings for EMA, SMA and RSI (periods, applied price,…).
You can access them directly from the indicator’s inputs tab. Tweak the settings to fully fit your needs.
TRSI can be used for any trading style including scalping and day trading.
Free Download
Download the “trsi-indicator.mq4” MT4 indicator
Example Chart
The EUR/USD H1 chart below displays the TRSI Oscillator forex indicator in action.
Basic Trading Signals
Signals from the TRSI Oscillator MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open long trade when the TRSI Oscillator indicator falls below the 30 level and then rises back above.
Sell Signal: Open short trade when the TRSI Oscillator indicator rises above the 70 level and then falls back below.
Trade Exit: Close the open trade when an opposite signal occurs, or use your own method of trade exit.
Download
Download the “trsi-indicator.mq4” Metatrader 4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (RSI, EMA, SMA, Applied Price) 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
Installation
Copy and paste the trsi-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)