DSL RSX MT4 Indicator has been developed to assist the trend-following forex traders along with its overbought/oversold signals of the market. It applies a dynamic trend channel that defines the possible swing areas of the market. It also applies an MA-based trendline for detecting the market trends.
DSL RSX MT4 Indicator can be applied to trade all kinds of forex currency pairs available in the market. Furthermore, this versatile indicator suits all sorts of timeframe charts within the MT4 trading platform.
DSL RSX MT4 Indicator Overview
Download the Indicator and install it on your MT4 terminal. Once you’re done, your trading chart will appear like the following image:
DSL RSX MT4 Indicator Explanation
DSL RSX MT4 Indicator applies a channel of dual bands for determining the overbought/oversold areas of the market. These bands are not fixed but change their positions based on the changes in price actions.
This key feature helps this indicator to maintain better accuracy in trading signals. The upper band is the overbought level and the lower band represents the oversold area of the market. Its trendline turns green whenever there is a possibility of a trend reversal.
Therefore, as a trader, you’ll need to match the trend signals along with the overbought/oversold conditions of the market for determining the trade entries.
DSL RSX: Buy Conditions
- The trendline hits the lower band of the channel
- A bullish candle is plotted at the same time
- Buy triggers at the break of the respective bullish candle’s high
- Set stop loss below the low of the signaling candle
- Exit long/take profit whenever the trendline hits the overbought level
Also Check: Exness Broker Review
DSL RSX: Sell Conditions
- The trendline hits the upper band of the channel
- A bearish candle is plotted at the same time
- Sell triggers at the break of the respective bearish candle’s low
- Set stop loss above the high of the signaling candle
- Exit short/take profit whenever the trendline hits the oversold level