The RSI with Fibonacci Auto Channel mt5 indicator is based on the Relative Strength Index(RSI) with some Fibonacci levels implemented into the code of this tool.
The main bold signal line is colored pink and green, and it switches its coloring depending on market trends. Therefore, you should look for buy trades when the line is green. Similarly, it would help if you look for sell trades when the line is pink
The indicator is displayed in a separate window below the main trading chart. It fits all kinds of timeframes and mt5 currency pairs.
The default mt5 indicator settings can be changed directly from the input tab. Feel free to try it out with the settings and parameters to fit your preferences.
How to set up the RSI with the Fibonacci Auto Channel indicator in MT5?
Download the RSI with Fibonacci Auto Channel.zip archive at the end of this article, unpack it, then copy and paste the RSI with Fibonacci Auto Channel.mq5 or RSI with Fibonacci Auto Channel.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.
The RSI with Fibonacci Auto Channel indicator is worth adding to your forex trading collection but remember to have realistic expectations. Just like any other technical analysis tool, it cannot provide accurate signals 100% of the time. Thus, it will give false signals occasionally. In addition, its performance will vary significantly depending on market conditions. Feel free to develop your trading system based on it.