Introduction to the RSI MA Indicator
The RSI MA custom forex indicator that is based on the Relative Strength Index and the Moving Average, but it works in simillar way to an oscillator.
That gauge usually takes only two values: zero and one. When the red signal line indicates 0 value, is means a bearish trend. Similarly, when the red signal line indicates 1 value, is means a bullish trend.
The indicator is displayed in a seperate 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 MA indicator in MT4?
Copy and paste the rsi-ma-indicator.ex4 or rsi-ma-indicator.mq4 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, which 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 RSI MA 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.
RSI MA Indicator Free Download
To download the RSI MA Trend Indicator for Metatrader 4 (MT4) for free just click the button below: