The Fan with RSI Forex Profit indicator for Metatrader 4 is a beautifully colored trend RSI indicator that delivers promising results.
It combines RSI with a colored Guppy Fan indicator to deliver optimal trade entry when the market is in extreme RSI territory.
From our testings, we won 7 out of 10 trades with this indicator for a total of 128 pips profit (2 days trading).
Just load the Fan with RSI Forex Profit indicator onto the Metatrader 4 chart and start trading with it in minutes.
- A new buy trend occurs when the Guppy Fan goes above the RSI 70 value.
- A new sell trend occurs when the Guppy Fan goes below the RSI 30 value.
- Works great for scalping the 5-minute charts during London and US market sessions.
- Any trade style allowed.
Feel free to explore the Fan with RSI Forex Profit indicator’s different parameters and settings to create your own personalized indicator setup.
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Indicator Example Chart (EUR/USD M5 Chart Example)
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
Finding Buy and Sell Triggers With The Fan with RSI Forex Profit MT4 Indicator
Buy Signal: Go long whenever the colored Guppy Fan closes above the RSI 70 extreme overbought level.
Set your stop loss 5 pips below the previous swing low support level, or use your own favorite stop loss method.
Exit the buy position for a fixed profit target of your preference, or use your own favorite take profit method.
Alternatively, close the buy trade for a reward/risk ratio of 1.5 or better.
Sell Signal: Go short whenever the colored Guppy Fan closes below the RSI 30 extreme oversold level.
Set your stop loss 5 pips above the previous swing high resistance level, or use your own favorite stop loss method.
Exit the sell position for a fixed profit target of your preference, or use your own favorite take profit method.
Alternatively, close the sell trade for a reward/risk ratio of 1.5 or better.
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Period 1, method, K, N, RSI, Alerts, colors, width, style.
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: trend +RSI
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.