Breakout RSI Metatrader 4 Forex Indicator

RSI is a very popular technical forex indicator used in many forex strategies and systems.

The Breakout RSI indicator is based on the traditional RSI indicator and provides traders with bullish and bearish breakout signals.

The indicator tells you whether the pair is trending up or down and displays the breakout price to go either long or short (see image below).

In order to maximize profits, confirm the breakout trade with price action or other technical tools.

The breakout RSI can be used to trade short-term breakouts off the 5-minute charts (good for scalping) or more significant breakouts off the 1-hour, 4-hour charts and daily charts (good for day trading and swing trading).

Free Download

Download the breakout-rsi-indicator.mq4” MT4 indicator

Example Chart

The EUR/USD 1-Hour chart below displays the Breakout RSI Metatrader 4 Forex indicator in action.

Basic Trading Signals

Signals from the Breakout RSI MT4 forex indicator are easy to interpret and goes as follows:

Buy Signal: Initiate a buy trade when price touches the “breakout long” price.

Sell Signal: Initiate a sell trade when price touches the “breakout short” price.

Trade Exit: Use your own method of trade exit.

Download

Download the breakout-rsi-indicator.mq4” Metatrader 4 indicator

MT4 Indicator Characteristics

Currency pairs: Any

Platform: Metatrader 4

Type: Chart pattern indicator

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

Type: breakout

Installation

Copy and paste the breakout-rsi-indicator.mq4 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)

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