The RSI Bollinger Bands Forex indicator for Metatrader 5 creates buy & sell signal arrows based on the RSI and Bollinger Bands technical indicators.
The indicator is displayed in a bottom window as Bollinger Bands, RSI indicator, and buy and sell arrows.
- A buy signal occurs when the RSI indicator touches the lower Bollinger Band.
- A sell signal occurs when the RSI indicator touches the upper Bollinger Band.
The indicator works for any trading instrument that can be loaded in the Metatrader 5 platform.
The following indicator inputs and parameters can be modified: RSI periods, BB periods, and BB deviation.
First, familiarize yourself with this technical indicator and test it on a demo account.
It supports all time frames and Forex pairs.
Free Download
RSI_Bands_v1.mq5 Indicator (MT5)
Chart Example
The following chart shows what the RSI Bollinger Bands Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The RSI Bollinger Bands With Arrows Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is given when the green colored signal arrow gets plotted on the chart.
- Open a buy trade and set your stop loss below short-term support.
- Close the buy trade for a reward/risk ratio of 1.5 or better.
Sell Signal
- A sell signal is given when the red colored signal arrow gets plotted on the chart.
- Open a sell trade and set your stop loss above short-term resistance.
- Close the sell trade for a reward/risk ratio of 1.5 or better.
