Free Forex Indicators (MT4), Trend Following Indicators

COG RSI Histogram

COG RSI Histogram is a forex swing trading indicator. It identifies possible swing levels from the pullback areas of a trend or ranging market. Besides determining the overbought and oversold areas it can also define the market trends at the same time. Therefore it leaves traders an opportunity to do swing tradings within the market trends.

This indicator can be applied to trade all kinds of forex currency pairs available in the market. Moreover, this RSI fusion suits all sorts of timeframe charts within your forex MT4 trading platform.

COG RSI Histogram Overview

Download the indicator and install it on your MT4 terminal. Once you’re done, find your chart like the image below:

COG RSI Histogram Overview

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COG RSI Histogram Explanation

COG RSI Histogram is a composition of COG RSI and STD Bars. Both of these tools work on determining the overbought and oversold condition of the market. COG RSI & STD Bar’s value at -20 means the market is in an oversold condition.

The value turns near 20 represents the overbought condition of the market. The indicator value roams close to its zero level means the market is in a neutral mode.

COG RSI Histogram Explanation

The COG RSI moves above the zero levels represents the bullish trend of the market. On the other hand, COG RSI carrying negative value signals for the bearish market trend.

COG RSI Histogram: Buy Condition

COG RSI Buy Parameters
  • COG RSI value drops up to -20 level and bounces upwards
  • STD Bars turn blue and positive in value
  • Buy Triggers after the above conditions are done
  • Set stop loss below the current low of the market
  • Exit long/take profit whenever The STD Bars value turn negative

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COG RSI Histogram: Sell Condition

COG RSI Sell Parameters
  • COG RSI value rises up to 20 levels and bounces downwards
  • STD Bars turn red and negative in value
  • Sell Triggers after the above conditions are done
  • Set stop loss above the current high of the market
  • Exit short/take profit whenever The STD Bars value turn positive

I have been actively trading the financial markets since April 2012. Besides trading with my personal money I am a technical analyst in a mutual fund that has Rs. 1 billion in assets under management. At my leisure, I love attending live music, traveling, and partying with friends.

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About Trend Following System

Trend Following System's goal is to share as many Forex trading systems, strategies as possible to the retail traders so that you can make real money.

Risk Warning: Trading in the forex market is very risky. Thus, it is may not be for everyone. A highly leveraged position can work against the trader when the trade does not work as expected. Trading in the forex market can cause to lose a significant portion of the capital or all of the capital. It is crucial to learn about the trading and gain enough experience in the demo account before trading with real money. The trading strategies published on this website do not guarantee profit as the market is dynamic and unpredictable. The past performance of a strategy is not the indicative of future performance. Trend Following System will not accept any kind of liability or damage caused by trading the strategies published on this website.
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