Introduction to the COG RSI Histogram Indicator
The COG RSI Histogram Indicator is, as the name suggests, a forex trading indicator based on the Center of Gravity and Relative Strenght Index (RSI) that displays its signals in the form of histogram bars.
This is an oscillator, so it reveals an overbought market condition, and an oversold market condition as well. There are also COG bands plotted within the indicators window.
When it comes to trading rules with COG RSI Histogram, it is as follows. When the oscillator hits an oversold area (below -20 level), and the COG bands slope is upward – you should be looking for buy trades. Similarly, When the oscillator hits an overbought area (above 20 level), and the COG bands slope is downward – you should be looking for sell trades.
The indicator is displayed in a separate window placed just below the main trading chart.
It fits all kinds of timeframes and currency pairs.
The default indicator settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
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How to set up the COG RSI Histogram indicator in MT4?
Copy and paste the cog-rsi-histogram.mq4 or cog-rsi-histogram.ex4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, that goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The COG RSI indicator is well worth adding to your trading collection but remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.
COG RSI Histogram Indicator Free Download
To download the COG RSI Histogram Indicator for Metatrader 4 (MT4) for free just click the button below: