Introduction to the RSI with RSI Indicator
The RSI with RSI indicator, as the name suggests, is a tricky combination of two Relative Strength Index indicators into one.
The author of that gauge, Peter Konner describes that his indicators formula is based on two different RSI calculations using different lengths to allow trading of retracements as well as longer-term positions. The five-week and 17-week RSI values are used for entry points and exit points, while the 17-week RSI is used for trend direction as an entry filter in the retracement entries.
Signals provided by the RSI with RSI are represented in the form of orange and blue dots. Simply, long signals are reflected by blue dots, and short signals are reflected by orange dots.
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 RSI indicator in MT5?
Copy and paste the rsi-with-rsi-indicator.mq5 or rsi-with-rsi-indicator.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 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, 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 with RSI Indicator Free Download
To download the RSI with RSI Indicator for Metatrader 5 (MT5) for free just click the button below: