Introduction to the RSI Divergence Candles Indicator
The RSI Divergence Candles Indicator is a momentum oscillator that measures the speed and change of price movements. The signals are shown in the form of candles that are colored differently in a manner that gives traders plenty of information about market trends and their directions. The foundation for that indicator is the Relative Strength Index (RSI) and its divergences. Using the RSI Divergence Candles is pretty easy and self-explanatory. Open long trade when the candles turn medium sea green. Similarly, open short trade when the candles turn orange-red.
The RSI Divergence Candles Indicator fits all kinds of timeframes and currency pairs. It is displayed in a separate window placed just below the main trading chart. The default 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 RSI Divergence Candles indicator in MetaTrader (MT5)?
Download the RSI Divergence Candles.rar archive at the bottom of this post, unpack it, then copy and paste the RSI Divergence Candles.ex5 or RSI Divergence Candles.mq5 indicator files into the MQL5 folder of the Metatrader 5 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL5 > Indicators (paste here).
Now go to the left side of your MT5 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The RSI Divergence Candles indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, 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. Don’t forget that we still have more great free forex MT4 indicators to download and try.
Download Free Forex MT5 RSI Divergence Candles Indicator
To download the RSI Divergence Candles Indicator for Metatrader 5 (MT5) for free just click the button below: