RSI Divergence Candles Indicator (MT5) - Free Download - Best Forex Indicators

Introduction to the RSI Divergence Candles Indicator

The RSI Divergence Candles indicator is a momentum oscillator that measures the speed and change of price movements.

The indicator is displayed in a separate window placed just below the main trading chart. The signals are shown in the form of candles that are colored differently in a manner that gives traders plenty of information about market trends and their directions.

When it comes to using that RSI Divergence Candles, it is pretty self-explanatory. Open long trade when the candles turn medium sea green. Similarly, open short trade when the candles turn orange-red.

This is a pretty universal tool, works like a charm for scalping, day trading, and swing trading too.

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 Divergence Candles indicator in MT5?

Installation Guide

Copy and paste the Rsi divergence candles.mq5 or Rsi divergence candles.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.

Bottom Line

The RSI Divergence Candles 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.