Delta RSI Signals Metatrader 4 Forex Indicator
The Delta RSI Signals Metatrader 4 forex indicator draws a buy and sell colored histogram based on the crossover of a fast RSI (period 14) and slow RSI (period 50) together with a signal level.
A red colored Delta RSI histogram indicates the trend is bullish (buy signal).
A green colored Delta RSI histogram indicates the trend is bearish (sell signal).
A gray colored Delta RSI histogram indicates the trend is flat or range-bound (no signal).
This forex indicator can be traded as a standalone or together with other trend following indicators.
Scalpers, day traders and swing traders can benefit from this excellent RSI crossover signals indicator.
The default Delta RSI indicator settings for fast RSI, slow RSI and signal level can be changed from the indicator’s input tab.
Feel free to experiment with its settings to fit your needs.
The EUR/USD 5-Minute chart below displays the Delta RSI Signals Forex Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the Delta RSI Signals MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Initiate buy trade position when the Delta RSI Signals indicator draws a red histogram.
Sell Signal: Initiate sell trade position when the Delta RSI Signals indicator draws a green histogram.
Flat Signal: Stay with the current buy/sell position when the bars paint gray color.
Trade Exit: Close the open buy/sell forex position 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 indicator
Customization options: Variable (Fast RSI Period, Slow RSI Period, Signal Level) 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 delta-rsi-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)