This code is an indicator for MetaTrader 5 (MT5) that combines Bollinger Bands and Relative Strength Index (RSI) to generate signals for overbought and oversold conditions in the market. It was developed by the Forex Robot Easy Team and is available on their website forexroboteasy.com.
The indicator has several input parameters that can be customized:
BB_Period: The period used for calculating Bollinger Bands.BB_Deviation: The standard deviation used for calculating Bollinger Bands.RSI_Period: The period used for calculating RSI.Overbought_Level: The RSI level that defines an overbought condition.Oversold_Level: The RSI level that defines an oversold condition.SL_Mode: The stop loss mode, which can be set toSL_FIXED(fixed stop loss),SL_TRAILING(trailing stop loss), orSL_INDICATOR(dynamic stop loss based on indicators).TP_Definition: The take profit definition, which can be set toTP_FIXED(fixed take profit),TP_INDICATOR(dynamic take profit based on indicators), orTP_MULTIPLE(multiple take profit levels).
The OnInit() function is responsible for initializing the indicator. It sets up the indicator buffers for Bollinger Bands and RSI, assigns labels to the buffers, sets the indicator style and colors, and initializes the indicator parameters. The short name of the indicator is set to 'AdvBBRSi'.
The OnCalculate() function is called for each new tick and is responsible for calculating the Bollinger Bands, RSI, and generating signals for overbought and oversold conditions.
First, the Bollinger Bands are calculated using the BollingerBands() function. The function takes the number of bars to calculate, the shift value, the period, standard deviation, shift value, mode (SMA in this case), the closing prices, and the buffers for the upper and lower bands.
Next, the RSI is calculated using the RSI() function. The function takes the number of bars to calculate, the shift value, the period, the closing prices, and the buffer for the RSI values.
Finally, a loop iterates over the new bars since the last calculation and checks for overbought and oversold conditions. If the upper band of the Bollinger Bands is greater than the closing price and the RSI value is above the overbought level, a signal is generated for the overbought condition. Similarly, if the lower band of the Bollinger Bands is less than the closing price and the RSI value is below the oversold level, a signal is generated for the oversold condition.
The Advanced Bollinger Bands RSi MT5 indicator is a powerful tool for anticipating big moves in the forex market. It combines the popular Bollinger Bands and Relative Strength Index (RSI) indicators to identify overbought and oversold conditions, which can be strong signals for potential market reversals or trend continuations.
With customizable parameters, such as the period and standard deviation for Bollinger Bands, and the RSI period and overbought/oversold levels, traders have the flexibility to adapt the indicator to their preferred trading style and timeframes.
The indicator offers three stop loss modes: fixed stop loss, trailing stop loss, and dynamic stop loss based on indicators. This allows traders to implement their preferred risk management strategy and protect their profits.
Additionally, the indicator provides three take profit options: fixed take profit, dynamic take profit based on indicators, and multiple take profit levels. This gives traders the flexibility to lock in profits at predetermined levels or take advantage of potential market swings.
The Advanced Bollinger Bands RSi MT5 indicator is easy to install and use on the MetaTrader 5 platform. It provides clear visual signals on the chart, making it suitable for both novice and experienced traders.
To learn more about the Advanced Bollinger Bands RSi MT5 indicator and how to use it effectively, visit the developer's website forexroboteasy.com.