The BBands For RSI Signal indicator for Metatrader 4 is a buy & sell technical tool mainly based on RSI and Bollinger Bands.
The indicator appears in a separate trading window in the form of two green dotted Bollinger Bands with RSI signal arrows.
The indicator works well in both trending and range-bound markets.
Just load it on the chart and the indicator will start analyzing the chart for you on autopilot.
Key Takeaways:
- A buy signal occurs when the blue BBands For RSI Signal arrow gets printed on the chart.
- A sell signal occurs when the red BBands For RSI Signal arrow gets printed on the chart.
- Low risk stop losses can be used.
- Simple to use technical indicator.
For scalping currency pairs, the BBands For RSI Signal indicator tends to work the best during the London and U.S. trading sessions.
Free Download:
Download the “bbands-for-rsi.mq4” indicator for MT4
Indicator Example Chart (EUR/USD H1)
Trading Signals (example):
Go long as soon as the indicator draws the blue arrow on the chart. Utilize a small stop loss just below support.
Go short as soon as the indicator draws the red arrow on the chart. Utilize a small stop loss just above resistance.
Close and reverse the position whenever an opposite trading signal arrives on the chart, or exit the open trade for a fixed profit target.
Feel free to use your own favorite trading method or system to open and close trades with the BBands For RSI Signal Forex indicator.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Input Parameters: RSI period, maximum signal level, minimum signal level, BB period, BB deviation, t2, color settings & style
Indicator type: Bollinger bands + RSI
Repaint? No.
Download Now:
Download the “bbands-for-rsi.mq4” indicator for Metatrader 4
Usage:
Works for any trade style: scalping, day trading and swing trading.
The BBands For RSI Signal indicator can be used as a standalone signal indicator.
The indicator can work together with favorite trading strategy or system.
Installation:
Open the Metatrader 4 platform
From the top menu, click on “File”
Then click on “Open Data Folder”
Then double click with your mouse button on “MQL4”
Now double click on “Indicators”
Paste the bbands-for-rsi.mq4 indicator in the Indicators folder.
Finally restart the MT4 platform and attach the indicator to any chart.
How to remove the indicator?
Click with your right mouse button in the chart with the indicator attached onto it.
Select “Indicator List” from the drop down menu.
Select the indicator and press delete.
How to edit the indicator’s inputs and parameters?
Right click with your mouse button in the chart with the indicator attached onto it.
From the drop down menu, click on indicators list.
Select the indicator from the list and press edit.
Now you can edit the indicator.
Finally, press the OK button to save the updated configuration.
