RSI vs BB - MetaTrader 4 Script | Forex Indicator Download - MT4/MT5 Resources
This is a semaphore indicator with arrows based on BB and RSI.
Typically, after leaving the Bollinger Bands channel, the price slows down and then returns to the Bollinger Bands channel. If the RSI line crosses an overbought or oversold signal level, the price will also slow down and usually reverse direction immediately. Using these two conditions, we get a signal for a hypothetical price reversal.
Consider the RSI indicator, which is able to track a breakout of the canal from the interior to the deceleration zone, and conversely, a breakout of the canal from the deceleration zone through a confirmed RSI reversal signal. Either signal (RSI or slowdown zone) can be turned off. If an arrow appears, an audible alert will also appear.
Attachment download
📎 rsi_vs_bb.mq4 (5.1 KB)
Source: MQL5 #16643
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