Introduction to the RSI Slope Divergence Indicator MTF
The RSI Slope Divergence indicator MTF plots two linear regression channels: directly on the price and on the Relative Strength Index (RSI). It is a multi-timeframe indicator.
The general usage of that gauge is divergences detection, but also correction or retracement even before it occurs.
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.
How to set up the RSI Slope Divergence MTF indicator in MT5?
Copy and paste the rsi-slope-divergence-indicator-mtf.mq5 or rsi-slope-divergence-indicator-mtf.ex5 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 Slope Divergence indicator MTF 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 Slope Divergence Indicator MTF Free Download
To download the RSI Slope Divergence Indicator MTF for Metatrader 5 (MT5) for free just click the button below: