Bollinger Bands Relative Strength Index Alert MT5
Bollinger Bands (BB) + Relative Strength Index (RSI) + Alert
Many traders are interested in the Reversal Strategy. The indicators Bollinger Bands (BB) and the Relative Strength Index (RSI) are suitable for this strategy.
The indicator offered here combines Bollinger Bands (BB) and the Relative Strength Index (RSI) to get pop-up and sound alerts. This supports you especially when trading multiple currency pairs.
For this strategy a periodicity of for example >30 minutes could be appropriate.
There are three different levels on which an alert can be activated:
- 1. Level: The Relative Strength Index is above or below values that can be set in the indicator window. The default is 31 and 69.
- 2. Level: The Relative Strength Index is above or below the values (Level 1) and one of the Bollinger bands is hit by a bar. Breaking through the Bollinger Bands often leads to a reversal movement.
- 3. Level: The Relative Strength Index is above or below the values and one of the Bollinger Bands is hit by a bar. For the 3rd level I added additional values with which allow you to add a higher or lower Relative Strength Index. The default is 20 and 80. This allows you to respond to events that occur less frequently but give you a higher chance of winning.
The alerts for each level can be activated or deactivated separately.
The indicator settings can be changed manually when adding to a chart.
- RSI_Period: Averaging period for RSI calculation.
- BB_Period: Averaging period to calculate the Bollinger Band main line.
- RSI_Price: Applied RSI price. It can be any of ENUM_APPLIED_PRICE enumeration values.
- BB_Deviation: Number of standard deviations from the Bollinger Band main line.
- Upper_RSI_Limit: It shows the upper RSI limit when the alert should pop-up. It is used for 1. level and 2. level alert.
- Lower_RSI_Limit: It shows the lower RSI limit when the alert should pop-up. It is used for 1. level and 2. level alert.
- Upper_RSI_Limit_Special_Attention: This limit is used for the 3. level alert.
- Lower_RSI_Limit_Special_Attention: This limit is used for the 3. level alert.
- PopupAlerts_Level_1: Here you can select if you want alerts for the 1. level.
- PopupAlerts_Level_2: Here you can select if you want alerts for the 2. level.
- PopupAlerts_Level_3: Here you can select if you want alerts for the 3. level.
If you like to have the Bollinger Bands displayed in the main chart you need to add the standard Bollinger Bands indicator separately. For the alert functions just the values are calculated. It does not display them.
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