The JMA RSX indicator for Metatrader 4 can be classified as a buy & sell technical oscillator that works well for scalpers.
The indicator oscillates between the 0 and 100 extreme boundaries in a separate chart window.
The zero level is considered oversold while 100 is considered overbought.
Buy & sell signal:
- Open a buy trade as soon as the oscillator reaches the 0 value and the overall trend is upward.
- Open a sell trade as soon as the oscillator reaches the 100 value and the overall trend is downward.
- Exit the open buy/sell trade for a fixed profit target. For instance 6 -10 pips profit target on the 1- minute chart.
From our testings, the indicator does not repaint and works for any currency pair and time frame without slowing down the trading platform.
It can be used as a standalone technical tool or it can be combined with other technical indicators and trading strategies.
Try first on a demo account until you fully understand how this indicator works!
Free Download
Download the jma-rsx-indicator.mq4 indicator file (MT4)
Indicator Chart Example
The picture above shows the indicator attached to the Euro / U.S. Dollar technical chart.
How to install the JMA RSX Forex indicator to your Metatrader 4 platform?
- Download the jma-rsx-indicator.mq4 indicator file here and save it to your computer
- Open your Metatrader 4 platform
- Click on “File” (top menu) and then select “Open Data Folder” from the drop down menu
- Click on “MQL4” and open the “Indicators” folder
- Paste the indicator file in this folder
- Restart Metatrader 4 and you’re ready to start using the indicator
How to edit the indicator?
- Attach the indicator to any trading chart of your preference
- Right click in the chart and select “Indicators List” from the drop down menu
- Select the indicator from the list and click on “Edit”
- Now you can start editing the indicator (Inputs, Colors and Visualization)
- Final step, click on the “OK” button to save the new configuration
