Fan RSI Indicator (MT4) - Free Download - Best Forex Indicators

Introduction to the Fan RSI Indicator

The Fan RSI indicator is, as the name suggests, is a forex indicator based on the Relative Strenght Index, but it plotts multiple RSI on the same chart.

That indicator is helpful in identifying the trend change at the early stage and allows traders to trade the first pullback of a new trend.

The Fan RSI indicator consists of short period rsi, mid-period rsi, and longer period rsi displayed in the same window. Short period rsi is quicker and more sensitive for price fluctuations, while long period rsi is smoother and slower.

It fits all kinds of timeframes and currency pairs.

The indicator is displayed in a separate window placed just below the main trading chart.

The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.

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How does it work? How to apply in trading?

Trading Rules Explanation

Buy Entry: A buy entry point (long trade) occurs when the price is forming lower lows and lower highs structure. The structure of Fan becomes smaller on every new low. Traders should take buy trade on the breakout of the price structure.

Sell Entry: A sell entry point (short trade) occurs when the price is forming higher high and higher low structure. The structure of Fan becomes smaller on every new high. Traders should take sell trade on the breakout of the price structure.

Exit Trade / Take Profit: Close your open position when the RSI hits the opposite overbought/oversold level (30 for sell and 70 for buy), or use your own preferred method of trade exit.

As always, to achieve good results, remember about proper money management. To be a profitable trader you need to master discipline, emotions, and psychology. It is crucial to know when to trade, but also when not to trade. Avoid trading during unfavorable times and market conditions like low volume/volatility conditions, beyond major sessions, exotic currency pairs, wider spread, etc.

How to set up the Fan RSI indicator in MT4?

Installation Guide

Copy and paste the fan-rsi-indicator.ex4 or fan-rsi-indicator.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.

You can gain access to this folder by clicking the top menu options, which goes as follows:

File > Open Data Folder > MQL4 > Indicators (paste here).

Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.

Bottom Line

The Fan 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.