THV V4 Signals Metatrader 4 Forex Indicator

The THV V4 Signals MT4 forex indicator is based on the popular RSI trading indicator and oscillates between 0 and 100 in a separate Metatrader 4 window.

Overbought signals can be found above 85 values while oversold signals can be found below 15.

THV will draw a thick red line for overbought market values and a thick green line for oversold market values.

The THV indicator has a lot of interesting settings which can be modified directly from the indicator’s input tab.

It is not recommended to use the THV as a standalone forex indicator, instead, use it together with a trend following indicator such as an exponential moving average set at period 100.

Only trade in the direction of the prevailing trend as indicated by the EMA100.

Price above EMA100? Only trade the thick green lines. (oversold).

Price below EMA100? Only trade the thick red lines. (overbought).

The indicator works for any timeframe and currency pair including majors, cross pairs and exotic pairs.

Free Download

Download the thv-rsi-oscillator.ex4” MT4 indicator

Example Chart

The USD/CHF M60 chart below displays the THV V4 Signals forex indicator in action.

Basic Trading Signals

Signals from the THV V4 Signals forex MT4 indicator are easy to interpret and goes as follows:

Buy Signal: Open buy position when the indicator draws a green thick line (oversold).

Sell Signal: Open sell position when the indicator draws a red thick line (overbought) .

Trade Exit: Close the open trade when an opposite signal occurs, or use your own method of trade exit.

Download

Download the thv-rsi-oscillator.ex4” Metatrader 4 indicator

MT4 Indicator Characteristics

Currency pairs: Any

Platform: Metatrader 4

Type: chart pattern

Customization options: Variable (RSIPeriod, Price Type, overBought, overSold, ShowArrows, AlertsOn, AlertsEmail) Colors, width & Style.

Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month

Type: Oscillator

Installation

Copy and paste the thv-rsi-oscillator.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)

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