This is the semaphore indicator with arrows based on BB and RSI.
So very often, leaving the Bollinger Bands canal the price slows down and after that it returns into the canal. If the RSI line crosses the signal level of overbought or oversold, also the price slows down and often reverses the direction immediately. Using these two conditions, we have the signals of a supposed price reversal.
It is able to track a canal breakout from within to the slowdown zone taking into account the RSI indicator, as well as conversely, from the slowdown zone into the canal with a confirmed RSI signal of the reversal. Any one of the signals (RSI or the slowdown zone) can be turned off. Also a sound alert appears if an arrow appears.
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/16643
This is a not big assistant for trading with limit orders.Limit orders Pro
This script provides quick work with a large number of pending orders in the market and contains functions for placing, changing, and deleting of orders within the your price range.