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, BB deviation.
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames and Forex pairs.
Download Indicator 🆓
The following chart shows how 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:
- 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.
- 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.
Download Now 🆓
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the RSI_Bands_v1.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration