Follow the MT5 indicator installation guide for file locations, chart setup and troubleshooting. The walkthrough uses ATR Risk Bands; use this indicator’s own inputs and dependencies.
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Bollinger re-entry markers with RSI and ADX context
TF Bollinger RSI Range displays a completed-bar mean-reversion setup only when price, RSI and an ADX regime filter align. It visualizes conditions but never opens or manages a position.
Individual ZIP with .mq5 source, .ex5 binary, README and checksums.
What the indicator plots
| Output | Default construction | Role |
|---|---|---|
| Middle band | 20-period moving average | Central reference for the rolling envelope. |
| Upper/lower bands | 20 periods, 2.0 standard deviations | Volatility-scaled outer context. |
| Long marker | Prior close below lower band with RSI <30; completed return inside; ADX ≤22 | Potential range re-entry context. |
| Short marker | Prior close above upper band with RSI >70; completed return inside; ADX ≤22 | Mirrored context. |
RSI and ADX are calculated internally as filters; the chart indicator displays the bands and qualifying arrows. Add MetaTrader’s standard RSI or ADX panel separately if you want to inspect their exact values visually.
No unfinished-candle arrow
The outside-bar condition and return-inside condition are evaluated on completed candles. This avoids a signal disappearing because the current bar moves again, but it cannot remove false setups or execution delay.
Review before automating
The separate Bollinger RSI Range Expert Advisor adds ATR stops, a moving middle-band target, minimum reward/risk, spread, time and daily-loss filters. Its documentation and download remain separate.
Statistical construction, not a profit guarantee
Bollinger Bands combine a rolling central tendency with a dispersion-scaled envelope. The cited paper explains the statistical relationship underpinning the method. It does not establish that a 20/2 setup, RSI 30/70, ADX 22 or this indicator will produce profitable trades.
Installation and validation
- Extract this indicator’s ZIP and copy the .ex5—or both supplied files—to
MQL5/Indicators. - Refresh Navigator, attach the indicator and review inputs for the chosen pair and timeframe.
- Study trend transitions, news events and spread expansions as well as quiet ranges.
- Predefine stop, invalidation, position size and aggregate exposure; arrows do not include those decisions.
- Forward-observe on demo and document every rule before using the setup in a trading plan.
What it cannot do
The regime filter is lagging, RSI extremes can persist, bands expand with volatility and broker histories differ. The indicator does not estimate position size or guarantee an executable price. Version 1.00 compiled with 0 errors and 0 warnings. ZIP SHA-256: 839805cd5bbad107688aa885195870f28f74406c578423987abed5edde83c4b4.
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