https://forexinworld.com/overbought-oversold-indicator-on-metatrader4/

Trade with the Best Overbought & Oversold indicator profitably:

The current market is known as when the index climbs above the 70 degree, overbought. Sell signal could be generated.

However – a stage where there’s become a significant and consistent move around in price without pull back is described by over sold.

The interpretation of this indicator is simple. The index is nearing its conclusion, or shows the time once the market move might be emptied. We are able to exchange execute transactions that are well-timed, and earn bigger profits.
When the index falls below the 30 level, the current sector is known as oversold. Buy signal may be generated.

Overbought means a period at which there’s become a consistent and significant move around in price without a lot of pull back.

Based on our experience, money pairs are exchanged like the bowls of scales (currencies are contrasted to each other). That is why there is an expectancy for its money pairs to make pull-back moves. The price cannot proceed around in 1 direction. Currency pairs that are overbought or oversold have a better chance of flipping management, but might remain overbought or oversold for a duration that is long.

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Two ways to trade with Overbought & Oversold indicator:

A) Require the SELL signal when the indicator falls below 70 flat or choose the BUY signal once the indicator rises above 30 degree. The best way here is to see the whole circumstance of this purchase price moves and Cost Action. If you feel and understand that the current sector is reversing, it is the moment to trade.

B) Close your BUY trades just as the point of the index gets red and close your SELL trades when the line of the indicator becomes green.

*Indicator work on bot system in metatrader4 & metatrader5 platform.

https://forexinworld.com/overbought-oversold-indicator-on-metatrader4/