MT4 Bollinger Bands RSI Indicator Download – Free | Forex Indicator Download – MetaTrader 4 Resources

The Bollinger Bands and RSI indicator is a combo tool created by integrating two indicators: the Bollinger Bands indicator and the Relative Strength Index (RSI), within MT4.

By analyzing price movements and market momentum simultaneously, this oscillator can predict reversal points and play an important role in optimizing entry and exit points.

Bollinger Bands and RSI Oscillator Spec Sheet

The following table is intended to show the specifications of the Bollinger Bands and RSI indicators:

Bollinger Bands and RSI indicators at a glance

In the Bollinger Bands and RSI oscillators, when the "RSI" line touches the lower band, it indicates oversold conditions and the indicator issues a buy signal.

On the contrary, when the “RSI” line touches the upper limit, it means that the price has reached the overbought zone and the indicator uses a red arrow to indicate a sell position.

Buy Position

According to the Binance Coin (BNB) 30-minute timeframe chart, when the “RSI” line reaches the lower band, it indicates oversold conditions. Thereafter, the indicator identified the trend reversal and issued a buy signal using the green arrow at the same location.

Sell ​​Position

According to the USD/CAD currency pair chart on the 1-hour time frame, the “RSI” line touching the upper limit indicates overbought conditions and a price reversal.

Bollinger Bands and RSI indicators consider contact points as sell signals.

Bollinger Bands and RSI indicator settings

The image below explains the adjustable options in the Bollinger Bands and RSI indicators:

• RSI period: relative strength index calculation period
• RSI price: price type used for RSI calculations
• BB periods: Number of periods used to calculate Bollinger Bands
• BB deviation: draw the standard deviation value of the upper and lower bounds
• BB shift: the movement amount of Bollinger Bands relative to the chart
• ALERT: Enable alert
• EMAIL: Send alerts via email
• NOTIFICATION: Enable notifications
• MESSAGE_TIMEOUT: Display the duration of the signal alert message
• MESSAGE_SUBJECT: Title or label of the alert message when sent

Conclusion

The Bollinger Bands and RSI oscillator is a combined tool used to identify overbought and oversold zones in the market. When the "RSI" line touches the lower rail, the indicator sends a buy signal; when it touches the upper rail, the indicator sends a sell signal. The combination of volatility and momentum analysis makes this indicator a suitable tool for all markets, including cryptocurrency , stocks, forex market , and commodities.