RSI Currencies MT5

The RSI Currencies MT5 is a unique forex trading tool that has redefined Forex analysis. It’s an indicator based on the RSI (Relative Strength Index) concept but takes an entirely different approach.

Working Principle of RSI Currencies MT5

Unlike standard RSI indicators that calculate values for a single pair, the RSI Currencies MT5 goes a step further. It calculates the RSI values for all pairs related to the same currency and determines an average. This approach aims to provide more reliable and stable information about a currency’s behavior. It reduces the influence of market noise and extreme euphoria on a particular pair, allowing traders to analyze the entire currency basket.

Supported Currencies and Pairs

The RSI Currencies MT5 works with 28 major and minor forex pairs related to eight currencies: EUR, USD, GBP, CHF, JPY, AUD, CAD, NZD. This wide range of supported currencies and pairs makes it a versatile tool for diverse forex market analysis.

Delta Line: A Useful Addition

In addition to the core RSI calculations, the RSI Currencies MT5 includes a Delta line. The Delta line represents the difference in RSI values of two currencies for a given chart pair. This feature can provide additional insights into the relationship between the two currencies and help enhance the overall analysis.

Example of Usage

For instance, suppose a trader is analyzing the EURUSD pair and observes that the RSI for EURUSD is in an overbought area. The trader can then refer to the RSI Currencies MT5 to check if both the EUR and USD are in overbought and oversold regions, respectively. If so, the trader can consider the initial analysis “EURUSD is in an overbought area” more reliable as the RSI of all pairs related to EUR and USD aligns with this information.

Independent Testing and Updates

For those interested in seeing this product in action, independent testing of the RSI Currencies MT5 is available on the forexroboteasy.com website. Users can subscribe to receive updates on the testing results of this product.

FAQs about RSI Currencies MT5

What makes RSI Currencies MT5 different from standard RSI indicators?

The RSI Currencies MT5 calculates RSI values for all pairs associated with a particular currency, not just one pair. This provides a more comprehensive and reliable overview of a currency’s behavior.

What currencies and pairs does the RSI Currencies MT5 support?

The RSI Currencies MT5 supports 28 major and minor forex pairs related to eight currencies: EUR, USD, GBP, CHF, JPY, AUD, CAD, NZD.

What is the Delta line in RSI Currencies MT5?

The Delta line in RSI Currencies MT5 represents the difference in RSI values of two currencies for a given chart pair. This can provide additional insights into the relationship between the two currencies.

The RSI Currencies MT5, though simple-looking, is a robust tool filled with potential for anyone interested in forex trading. If you’ve used this product, we invite you to share your experience to benefit others in the trading community.

Remember, this article is an independent product review, and the information provided is based solely on the product’s features and functionality.