The Turbo JRSX Metatrader 4 forex indicator is an overbought/oversold technical indicator that is based on the Turbo JRSX, Step-MA and RSI filter.
The Turbo JRSX Indicator basically offers a low-risk trading approach, with buy/sell triggers that are based on trend retracement in the direction of the trend.
The indicator has an upper and lower signal levels, with both set at 70 and 30 mark respectively.
When this happens, the gray line changes to red (when above the 70 mark) to indicate an overbought market condition, while an oversold condition is exemplified when the gray line changes to green (when below the 30 level).
The Turbo JRSX Indicator is quite helpful in alerting forex traders on good entry and exit points.
The EUR/USD M15 chart below displays the Turbo JRSX Indicator Metatrader 4 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the multicolored line of the Turbo JRSX Indicator Metatrader 4 forex indicator breaks above the 30.00 signal level.
Sell Signal: Go short when the multicolored line of the Turbo JRSX Indicator Metatrader 4 forex indicator breaks below the 70 level.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the multicolored line of the Turbo JRSX Indicator turns red.
Exit sell trade: Close all sell orders if while a bearish trend is running, the multicolored line of the Turbo JRSX Indicator changes to green.
Tips: Although the 30 & 70 levels are not marked within the Turbo JRSX Indicator window, traders can apply them using the horizontal line tool found on virtually all trade stations.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (Len, UpperLevel, LowerLevel, p, p0, p1, p2, p3, p4, p5, p6, PriceMode), width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: trend | overbought/oversold
Copy and paste the turbo-jrsx-indicator.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)