Powerful MT5 RSI Divergence Candles Indicator
RSI Divergence Candles MT5 Forex Indicator is a momentum oscillator that measures price movement and change on a chart. Signals are shown in the form of candles that have different colors, which give traders a lot of information about market trends and their directions.
The foundation for the indicator is the Relative Strength Index (RSI) and its deviations. Using RSI divergence candles is simple and self-explanatory. Open a long trade when the candles turn medium sea green – Similarly, open a short trade when the candles turn orange-red.
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What is RSI Divergence Candles?
The RSI Divergence Candles indicator fits all types of timeframes and currency pairs. It is displayed in a separate window below the main trading mt5 chart. Default indicator settings can be edited directly from the Indicator Input tab. Feel free to test the settings and parameters to fit your preferences.
How to set RSI Divergence Candles indicator in MetaTrader (MT5)?
Installation Guide
- Download the RSI Divergence Candles.zip archive at the end of this post,
- unzip 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 access this folder by clicking on the top menu options, which are as follows:
Open File > Data folder > MQL5 > Indicators (paste here).
Now go to the left side of your MT5 terminal. In the Navigator, find the name of the gauge, right-click on it, and select Connect to Chart.
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Conclusion
The RSI Divergence Candles indicator is worth adding to your forex trading collection.
A good forex indicator will increase your chance of success. However, remember to have realistic expectations. Like any other technical analysis tool, it cannot provide accurate signals 100% of the time.
Thus, this forex indicator occasionally provides false signals. Its performance will vary significantly depending on market conditions. Feel free to develop your trading system based on it. Don’t forget we still have more great free Forex MT5 indicators to download and try.
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