StepRSI V5.2 is a forex overbought/oversold indicator, used to identify the key swing areas of the market. It represents a very easy and straightforward chart demonstration so that traders with any level of experience can understand it and apply it for real trading purposes.
As a trader, you can apply StepRSI to trade all kinds of forex currency pairs in the financial markets.
StepRSI V5.2 serves both swing trading and trend-following trading purposes. Moreover, it supports both scalping and day trading activities because it suits all sorts of timeframe charts within the forex MT4 trading platform.
StepRSI V5.2 Indicator Overview
Download and install the indicator on your MT4 terminal. Once you’re done, find your trading chart like the following image:
StepRSI V5.2 Indicator Explanation
StepRSI V5.2 applies two specially modified RSI for plotting crossover signals that indicate the current overbought/oversold condition of the market. StepRSI 10 stresses more on short-term market stats and StepRSI 14 on long-term conditions of the market.
StepRSI 10 moves above the StepRSI 14 means it is a bullish crossover signal. On the other hand, StepRSI 14 moves above the StepRSI 10 signals for the bearish crossover signal.
Both RSI bands drop near its 30 level means the market is in an oversold condition. If the values of the RSI bands rise near its 70 levels then it is an overbought condition of the market.
StepRSI V5.2: Buy Conditions
- StepRSI 10 moves above StepRSI14
- Both RSI values drop near its 30 level
- Buy triggers after the above conditions are done
- Set stop loss below the recent swing low of the market
- Exit long/take profit whenever the indicator plots a bearish crossover near its 70 level
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StepRSI V5.2: Sell Conditions
- StepRSI 10 moves below StepRSI14
- Both RSI values rise near its 70 level
- Sell triggers after the above conditions are done
- Set stop loss above the recent swing high of the market
- Exit short/take profit whenever the indicator plots a bullish crossover near its 30 level