The RSI + Bollinger Bands forex signals indicator delivers buy and sell trading signals for any pair based on an intelligent mix of RSI and Bollinger Bands.
The indicator looks complex to trade but it isn’t.
Put main focus on the triple colored signal line.
- A green signal line represents a buy signal.
- A red signal line represents a sell signal.
Please note that the green or red signal line is followed by the orange indicator line.
- A green signal line followed by the orange line suggests to stick with the buy trend.
- A red signal line followed by the orange line suggests to stick with the sell trend.
The indicator works for scalping, day trading and swing trading purposed.
Feel free to experiment with the different indicator’s inputs settings to suit your needs and preferences.
The EUR/USD M15 chart below displays the RSI + Bollinger Bands Forex Signals Metatrader 4 forex indicator in action.
Basic Trading Signals
Signals from the RSI + Bollinger Bands Forex Signals MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open a buy trade when the RSI + Bollinger Bands Signals indicator changes its color from orange to green.
Place a stop loss below short-term support or use your own preferred SL method.
Sell Signal: Open a sell trade when the RSI + Bollinger Bands Signals indicator changes its color from orange to red.
Place a stop loss above short-term resistance or use your own preferred SL method.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (time frame to use, RSI period, RSI price to use, RSI type, Bollinger Bands period, Bands average method, alerts) Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Type: RSI + Bollinger Bands signals
Copy and paste the RSI – averages + Bollinger bands (lines + alerts + arrows + mtf).ex4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)