The Range Oscillator Bands Metatrader 5 forex indicator is a combination of a Range Oscillator and Bollinger Bands within the same indicator window.
Basically, the Range Oscillator Bands MT5 forex indicator shows the relative position of medium price in the highest high to lowest low range for a specified period.
In order to improve things, the indicator deploys the Bollinger Bands in assessing overbought and oversold conditions.
The indicator does not possess fixed extreme values, as such it displays floating levels.
The USD/CHF M30 chart below displays the Range Oscillator Bands Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the filled non-dotted line of the Range Oscillator Bands Metatrader 5 forex indicator breaks above the middle dark gray dotted line towards the upper outer dodger blue dotted band.
Sell Signal: Go short when the filled non-dotted line of the Range Oscillator Bands Metatrader 5 forex indicator breaks below the middle dark gray dotted line towards the lower outer sandy brown dotted band.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the middle non-dotted line of the forex indicator turns sandy brown.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the middle non-dotted line of the forex indicator turns dodger blue.
Tips: Understanding price direction as well as sessions of exhaustion in the currency market is key to taking profits, and the Range Oscillator Bands Metatrader 5 forex indicator is tailored to do just that.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Range oscillator period, Bands period, Bands deviation), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: oscillator | trend | volatility
Copy and paste the Range oscillator + bands.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)