Free Forex Indicators (MT4), Trend Following Indicators

StepRSI V5.2 Indicator

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 Overview

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.

StepRSI V5.2 Indicator Explanation

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 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 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

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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