RSI Triple Stochastic Signals Metatrader 4 Forex Indicator
The RSI Triple Stochastic Signals MT4 indicator is an awesome buy/sell signals indicator that is based on RSI and a triple Stochastic technical indicator.
The indicator fluctuates between two extreme values, 28 and -28 with a filtered no signals gray zone in between. This zone will reduce false signals significantly.
- A buy signal occurs when the indicator draws a blue bar above the gray no trade zone.
- A sell signal occurs when the indicator draws a red bar below the gray no trade zone.
The RSI Triple Stochastic Signals MT4 indicator works for scalping, day trading and swing trading purposes.
For scalping and day trading, put the indicator to work in the London and New York trading sessions.
All indicator parameters can be fully modified from the indicator’s input menu.
Feel free to experiment with its values.
The USD/JPY 4-Hour chart below displays the RSI Triple Stochastic Signals Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the RSI Triple Stochastic Signals MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Buy the forex pair when the RSI Triple Stochastic Signals MT4 indicator draws the first blue bar above the gray zone. Place a stop-loss below support.
Sell Signal: Sell the forex pair when the RSI Triple Stochastic Signals MT4 indicator draws the first red bar below the gray zone. Place a stop-loss above resistance.
Trade Exit : Use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (RSI variables, alerts, triple Stochastic, divergence) 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 RSI HistoTripleStoch.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)