The RSI Divergence Candles MT5 Forex Indicator is a momentum oscillator that measures the speed and change of chart price movements. The signals are shown in the form of candles that are colored differently, giving traders plenty of information about market trends and their directions. The foundation for that indicator is the Relative Strength Index (RSI) and its divergences. Using the RSI Divergence Candles is easy and self-explanatory. Open long trade when the candles turn medium sea green—similarly, open short sell trade when the candles turn orange-red.
The RSI Divergence Candles Indicator fits all kinds of timeframes and currency pairs. It is displayed in a separate window below the main trading mt5 chart. The 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 can the RSI Divergence Candles indicator be set up in MetaTrader (MT5)?
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 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 Divergence Candles indicator is worth adding to your forex trading collection. A good forex indicator will enhance your chance of success. Nonetheless, remember to have realistic expectations. Like any other technical analysis tool, it cannot provide 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 trading system based on it. Don’t forget that we still have more great free Forex MT5 indicators to download and try.