Introduction to the RSI with Fibonacci Auto Channel Indicator
The RSI with Fibonacci Auto Channel indicator is based on the Relative Strength Index with some Fibonacci levels implemented into the code of this tool.
The main bold signal line is colored pink and green and it switches its coloring depending on market trends. You should look for buy trades when the line is green. Similarly, you should look for sell trades when the line is pink.
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 with Fibonacci Auto Channel indicator in MT5?
Copy and paste the rsi-with-fibonacci-auto-channel.mq5 or rsi-with-fibonacci-auto-channel.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 with Fibonacci Auto Channel 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.
RSI with Fibonacci Auto Channel Indicator Free Download
To download the RSI with Fibonacci Auto Channel Indicator for Metatrader 5 (MT5) for free just click the button below: