You use the RSI momentum meter to catch market turns — that one mistake empties your balance when prices keep running.
Here is the RSI 50 midline strategy, broken down step by step on TradingView and MetaTrader 5 with exact indicator settings and clear mechanical rules. By waiting for an orderly pullback that tests the 50 equilibrium level on the 15-minute timeframe, you join strong institutional trends cheaply instead of guessing tops into runaway moves.
📊 THE SETUP:
1. Relative Strength Index (RSI): Open Indicators at the top of the chart, search Relative Strength Index, and verify Length is set to 14.
2. The 50 Level: The dotted middle line represents momentum equilibrium. Above 50 is bullish; below 50 is bearish.
📌 EXECUTION RULES:
• Long Setup: On the 15-minute chart, ensure RSI is holding above the 50 level to confirm bullish momentum.
• Pullback: Wait for price to dip back while the RSI line pulls down to touch the middle 50 level and bounces.
• Entry: Buy the moment a green confirmation candle closes, showing buyers defended the 50 level.
• Stop Loss: Place protective stop loss beneath the recent swing low floor.
• Target: Target fixed at 2.0 times your risk (1:2 Risk-to-Reward).
• Short Setup: RSI holding below 50, price pulls back with RSI touching 50 from below and rejecting, sell on red confirmation candle close, stop above swing ceiling, target 2.0R.
▶️ Larry Connors RSI 10 Pullback On S&P 500 Daily — https://youtu.be/SA3fQgmrgMI
🤖 FREE MT5 EA + TRADINGVIEW PINE SCRIPT:
We have coded this EA and you can download it for free. It automatically tracks RSI 14, identifies 50-level retests, verifies candle close bounce confirmations, and manages 2.0R targets.
⬇️ Direct download in the pinned comment.
👉 On Instagram (@originexplainscharts): follow and comment “BOUNCE” and the bot sends it straight to your DMs.
🎵 MUSIC ATTRIBUTION:
Music: Rise Up — Aylex
Licensed under Creative Commons / Attribution.
🔔 Subscribe to @OriginExplainsCharts for daily indicator setups, price action strategies, and automated trading tools.
⚠️ DISCLAIMER:
This video is for educational purposes only and does not constitute financial advice. The included Expert Advisor is an educational tool. Trading forex, crypto, and commodities carries significant risk of capital loss. Always test thoroughly on demo accounts first.
#TradingView #RSI #RelativeStrengthIndex #ForexTrading #DayTrading #ScalpingStrategy #TechnicalAnalysis #MT5 #ExpertAdvisor #OriginExplainsCharts
📥 Didn’t get the download link? Join https://t.me/originexplainscharts — every free EA is posted there as a file you can download directly.