The RSI Arrow Scalper With Bollinger Bands MT4 indicator is one of my favorite Forex scalping indicators.
The indicator provides numerous scalping opportunities during the various trading sessions.
The RSI Arrow Scalper has a 75% win rate, sometimes even more when the market is more volatile.
It’s advised to use it on to lower spread currency pairs such as EUR/USD, GBP/USD, USD/JPY,…
Key Takeaways
- A blue RSI arrow represents a buy trade opportunity.
- A red RSI arrow represents a sell trade opportunity.
- Works in agreement with Bollinger Bands. A sell arrow will always appear at the upper BB band while buy arrows appear at the lower BB support band.
Read below how to open buy and sell trades with the RSI Arrow Forex scalper indicator.
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
Download This MT4 Forex Indicator Free
Download the “bbands-for-rsi.ex4” Metatrader 4 indicator
RSI Arrow Scalper With Bollinger Bands Indicator Chart
Here’s an example (EUR/USD M5 chart) of how the indicator should look like when loaded onto the Metatrader 4 chart.
Attach the indicator to any currency pair and time frame of your preference.
Finding Buy and Sell Signals With The RSI Arrow Scalper With Bollinger Bands Forex Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Buy the currency pair when the indicator paints a blue arrow on the chart.
Place initial stop loss below immediate support, or use your own favorite SL method.
Close the buy trade when a red arrow appears on the chart.
Alternatively, close the buy scalper trade for a fixed profit target, for example +10 pips on the M1 scalping chart.
Sell Trigger: Sell the currency pair when the indicator paints a red arrow on the chart.
Place initial stop loss above immediate resistance, or use your own favorite SL method.
Close the sell trade when a blue arrow appears on the chart.
Alternatively, close the sell scalper trade for a fixed profit target, for example +18 pips on the M5 intraday chart.
Download This Forex Indicator Now
Download the “bbands-for-rsi.ex4” MT4 indicator
Adjustable Parameters
RSI period, max signal level, min signal level, BB period, BB deviation, show arrows, color, width, style.
Usage
The indicator can be deployed as a standalone trading system or strategy.
It can also be combined with:
- Trend indicators (Moving Average, Bollinger Bands, ADMI, Parabolic SAR,…)
- Price action methods and techniques
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: Bollinger Bands + RSI
Installation
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.
