The RSI Histogram Alert indicator for Metatrader 4 is based on the RSI technical indicator and delivers buy & sell trade signals.
The indicator appears in a separate chart window as green and red histogram bars.
Green histogram bars are bullish while red histogram bars are bearish.
The indicator delivers the best results when used in conjunction with trend indicators.
Always open trades in the direction of the overall trend.
General Information
- Based on the classic RSI indicator
- Buy & sell trade entries
- Colored histogram bars
- Does not repaint signals
- Developed for Metatrader 4
Free Download
Download the LC-RSI_Histo3.mq4 indicator file (MT4)
Indicator Chart Example
The picture below shows the RSI Histogram Alert Forex indicator attached to the Euro / U.S. Dollar H1 chart.
How to use this Forex indicator?
This Forex indicator can be used in multiple ways, find an example below:
Buy Signal:
- A new buy signal is given when the histogram bars turn back to green color from red.
- Place your stop loss 1-3 pips below technical support.
- Exit the buy trade for a fixed profit target or wait until the histogram bars reverse back to red color.
Sell Signal:
- A new sell signal is given when the histogram bars turn back to red color from green.
- Place your stop loss 1-3 pips above technical resistance.
- Exit the sell trade for a fixed profit target or wait until the histogram bars reverse back to green color.
How to install the RSI Histogram Alert Forex indicator to the Metatrader 4 platform?
- Download the LC-RSI_Histo3.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
