Corrected RSX Indicator for MetaTrader 5 Download - [TradingFinder]

The Corrected RSX indicator is an enhanced and more accurate version of the RSI, available on the MetaTrader 5 platform. Unlike the classic RSI, this MT5 indicator filters out price noise and provides clearer trading signals for technical analysis.

The RSX color scheme is configured similarly to RSI: orange represents the overbought zone, while blue indicates the oversold zone.

Corrected RSX Specifications Table

The table below gives an overview of the features of the Corrected RSX Indicator.

Uptrend Conditions

On the EUR/GBP price chart with a 1-minute timeframe, a color change from orange to blue, along with the price entering the oversold zone, may be considered a signal of a potential buy opportunity.

Downtrend Conditions

The image below shows the price chart of XAUUSD (Gold) on the 1-hour timeframe. When the price enters the overbought zone and the line color changes from blue to orange, it may signal selling pressure and a suitable moment to enter a sell trade.

Indicator Settings

The settings panel of the Corrected RSX indicator is displayed in the image below:

• RSX Period: The RSX calculation period
• Price: The price source

Conclusion

The Corrected RSX is one of the advanced tools available on the MetaTrader 5 platform, helping traders to more accurately identify entry and exit points by filtering out fake signals.

The presence of a colored moving average, which changes color based on trend direction, plays a vital role in signal confirmation and enhances analysis accuracy.