The RJ Bands System Metatrader 5 forex indicator is a technical tool that paints the candlesticks, which are placed beyond the trading channel.
As a channel indicator, the RJ Bands System MT5 forex indicator marks the candlesticks that are found outside the channel limits with the color that matches its trend.
On the whole, the bright filled color denotes candlesticks that are trending, while the dark filled color are for candlesticks that go against the leading trend.
Interestingly, the working proceedings of this forex indicator is similar to those of the Bollinger Bands and Envelopes.
The EUR/JPY H1 chart below displays the RJ Bands System Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the candlesticks (mostly colored dark turquoise) trade along the upper lime green line of the RJ Bands System Metatrader 5 forex indicator.
Sell Signal: Go short when the candlestick (frequently colored deep pink) trade along the lower red line of the RJ Bands System Metatrader 5 forex indicator.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the candlestick open and closes within the lavender channel of the trading indicator.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the candlestick open and closes within the lavender channel of the trading indicator.
Tips: The RJ Bands System MT5 forex indicator is not a standalone technical tool, but it’ll perform wonders when combined with the right oscillators (RSI, CCI, Stochastic, etc.).
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: trend | channel
Copy and paste the Rj_SlidingRangeRj_Digit_System.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)