Our custom developed Forex RSX Bands Indicator. Rsx Indicator For MT4 is a momentum oscillator that highlights overbought-oversold levels in an underlying asset’s price. The indicator achieves this by comparing the location of current price in relation to where price was in the past.
The Rsx Indicator For MT4 is set to a default time frame of 14 periods. Nick Bilak claims that the Rsx is a significant improvement to the much more popular RSI oscillator. Unlike the RSI, the Rsx Indicator supposedly eliminates noise completely.
Feel free to use this indicator together with our other technical indicators (oscillators, momentum) or price action methods to maximize your trading accuracy.
The EUR/GBP 15 minute chart below displays the Forex RSX Bands Indicator in action.
Copy and paste the Forex RSX Bands Indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)
How to remove Indicator from your Metatrader Chart?
- Select the Chart where is the Indicator running in your Metatrader 4 Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete