The MA RSI Forex Signal indicator for Metatrader 4 combines moving averages and RSI and it delivers buy and sell trade entries and exits.
The indicator shows up on the chart as a colored blue and red signal line.
A blue line indicates a bullish trend while a red line a bearish trend.
For scalpers and day traders, the indicator performs the best during the most volatile trading sessions.
Indicator Chart Example
The picture below shows the MA RSI Forex Signal indicator attached to the USD/JPY H1 chart.
How to trade with the MA RSI Forex Signal indicator?
The indicator can be used in multiple ways, find an example below:
- Open a long trade position when the blue colored line appears on the chart.
- Place your stop loss below the previous swing low price.
- Exit the buy trade for a fixed take profit target or wait for the red line.
- Open a short trade position when the red colored line appears on the chart.
- Place your stop loss above the previous swing high price.
- Exit the sell trade for a fixed take profit target or wait for the blue line.
How to install the MA RSI indicator to the Metatrader 4 platform?
- Download the MA rsi.ex4 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