Introduction to the Dynamic Zone RSI Indicator
The Dynamic Zone RSI Indicator is a forex technical analysis tool that combines RSI and two floating bands.
The indicator is displayed in a separate window placed just below the main trading chart.
The bands act in a similar manner to support and resistance. The purple band acts as a resistance level, while the orange band acts as a support level.
You should look for buy trades when RSI falls below the orange support band and crosses back above. Similarly, you should look for sell trades when RSI rises above the purple resistance band and crosses back below.
Go ahead and add it to your best trading system.
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.
How to set up the Dynamic Zone RSI indicator in MT4?
Copy and paste the dynamic-zone-rsi.mq4 or dynamic-zone-rsi.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.
Click the link below:
The Dynamic Zone 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, it will provide false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.