The RSI with Bollinger Bands trend reversal indicator for Metatrader 4 is based on the RSI indicator and a set of Bollinger Bands.
It predicts trend reversals that work on any time frame and for any currency pair.
After loading the indicator onto the MT4 chart, it appears in a separate trading window underneath the main trading chart.
Its buy and sell signals are easy to follow with the help of colored arrows.
For scalping the currency market, it’s recommended to use the indicator during the European and American trading sessions.
- A green trend reversal arrow suggests that the trend will reverse from bearish to bullish.
- A red trend reversal arrow suggests that the trend will reverse from bullish to bearish.
- Utilize during the London and American trading sessions for scalping (M1/M5/M15 charts)
- Finds early trend reversal points for any currency pair.
Feel free to experiment with the different indicator’s inputs settings to suit your needs and preferences.
The EUR/GBP 1-minute chart below displays the RSI with Bollinger Bands trend reversal Forex indicator in action.
Basic Trading Signals
Signals from the RSI with Bollinger Bands MT4 Forex trend reversal indicator are easy to interpret and goes as follows:
Buy Signal: Open a buy trade as soon as the green arrow appears on the chart.
Place a stop loss below immediate support or use your own preferred stop loss for buy trades.
Take profit when an opposite red sell arrow appears on the chart or use a pre-determined profit target.
Sell Signal: Open a sell trade as soon as the red arrow appears on the chart.
Place a stop loss above immediate resistance or use your own preferred stop loss for sell trades.
Take profit when an opposite green buy arrow appears on the chart or use a pre-determined profit target.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (RSI period, BB periods, BB deviation) Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Type: Trend reversal
Copy and paste the RSI_Bands_v1.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)