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Bollinger Bands Relative Strength Index Alert MT5

A lot of traders are interested in the Reversal Strategy for Binary Options. Most used indicators are Bollinger Bands (BB) and the Relative Strength Index (RSI). This indicator combines Bollinger Bands (BB) and the Relative Strength Index (RSI) to give pop-up and sound alerts which support you in case of trading several currency pairs at the same time.


There are three different levels on which an alert can be activated:

  • 1. Level: Relative Strength Index is above or below values which can be set in the indicator window.
  • 2. Level: Relative Strength Index is above or below values and one of the Bollinger Bands is hit by a bar.
  • 3. Level: Relative Strength Index is above or below values and one of the Bollinger Bands is hit by a bar. For the 3. level I added additional values which allow you to add for example a higher or lower Relative Strength Index value. Then you can react on events which do not happen that often but which give you a higher chance to win.

The alerts for each level can be activated or deactivated separately.


Indicator settings

  • 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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