RSX Moving Average Oscillator Metatrader 4 Forex Indicator
The RSX Moving Average Oscillator MT4 Forex indicator is a trend following one line technical indicator tool with a buy sell moving average crossover simple trading system.
The indicator fluctuates above and below its zero level.
Price trades above the zero level, this can be seen as bullish price action.
Price trades below the zero level, this can be seen as bearish price action.
The RSX MA indicator also contains a buy sell moving average crossover system.
This is handy if you like to buy dips and sell rallies in the trend.
The indicator works for scalping, day trading and swing trading.
The EUR/USD H1 chart below displays the RSX Moving Average Oscillator forex indicator in action.
Basic Trading Signals
Signals from the RSX Moving Average Oscillator forex MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open buy order when price crosses and closes above the RSX zero line from below.
Sell Signal: Open sell order when price crosses and closes below the RSX zero line from above.
Trade Exit: Close the open trade when an opposite signal occurs, or use your own method of trade exit.
Moving average system:
This is a handy addon for short-term traders, for example, scalpers and intraday traders could benefit from this system.
Buy Signal: Buy if RSX readings are moving above its zero level (bullish trend) AND the blue MA crosses the red MA from below.
Sell Signal: Buy if RSX readings are moving below its zero level (bearish trend) AND the blue MA crosses the red MA from above.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (length, Countbars, MA Type, MaPeriod) 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 rsx-ma-oscillator.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)