This is the semaphore indicator with arrows based on BB and RSI.
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.
you’d better wait until both signals appear, at first the signal of a
canal breakout from within to the outside (the circle) and then wait for
the signal of a price return into the canal (arrow) and only then can a
position be opened.
Download RSI vs BB - indicator for MetaTrader 4
- RSIPeriod — The RSI period.
- RSIUpLevel — The top signal level of RSI.
- RSIDownLevel — The low signal level of RSI.
- BBPeriod — The Bollinger Bands period .
- BBDeviation — The Bollinger Bands deviation (1 or 2)
- CrossInside — To show the signal of the price return into the canal.
- CrossOutside — To show the signal of the price going out of the canal.
- alerts — To turn on sound alert.
- ShowBB — Set it to “true” to display Bollinger Bands lines or “false” to hide.
- clrBB — The line color of Bollinger Bands.