Reverse RSI Bands Indicator
Info
The Reverse RSI Bands Indicator is a Indicator for MetaTrader 5 that reverse rsi bands is an advanced custom indicator that reverse-engineers the relative strength index (rsi) formula. It plots the exact price levels directly on your main chart, showing you precisely at what price the RSI will hit your specified overbought or oversold levels.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Reverse RSI Bands Indicator
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
Reverse RSI Bands is an advanced custom indicator that reverse-engineers the Relative Strength Index (RSI) formula.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Session TWAP: Time-Weighted Average Price with Deviation Bands - another powerful indicator for MetaTrader 5 traders.
Reverse RSI Bands is an advanced custom indicator that reverse-engineers the Relative Strength Index (RSI) formula. It plots the exact price levels directly on your main chart, showing you precisely at what price the RSI will hit your specified overbought or oversold levels. This transforms the RSI from a lagging oscillator into a predictive price action tool.Also recommended: GDS Renko Canvas with Bollinger Bands - similar indicator with strong performance on MetaTrader 5.
Unlike the traditional RSI, which is usually shown in a separate sub-window, this indicator displays the exact price thresholds on the chart. Traders can anticipate market extremes, set precise limit orders, and identify dynamic support or resistance zones before the oscillator reaches its actual target.
This version uses precise algebraic deductions of the recursive Wilder Smoothing formula. It guarantees that the price levels match the standard MetaTrader 5 RSI exactly, calculating the required price for the current bar using the verified state of the previous bar to avoid repainting.
Input Parameters:
- RSI Period: The lookback period for the RSI calculation (Default: 14).
- Overbought target RSI: The RSI level that defines the upper price band (Default: 70.0).
- Oversold target RSI: The RSI level that defines the lower price band (Default: 30.0).
- Applied Price: The price type used for calculations (Default: Close Price).
Trading Recommendations:
- Symbol and Timeframe: Works on any pair, but recommended for major forex pairs like EURUSD or GBPUSD on H1 and H4 timeframes.
- Reversals: Look for price action to touch or pierce the Overbought (crimson) or Oversold (green) bands.
- Limit Orders: Place Buy Limit orders near the Oversold band and Sell Limit orders near the Overbought band.
This is a mathematically corrected and architecturally enhanced version, developed in 2026.
You may also like: Adaptive Kalman Trend Filter with Regime Bands - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "RobotFX"
#property version "1.0"
#property description "This code is educational. Feel free to use, modify and upgrade as you wish. Visit ROBOTFX.ORG for professional trading tools"
#property indicator_chart_window
#property indicator_buffers 7
#property indicator_plots 2
#property indicator_label1 "RSI OB Band"
#property indicator_type1 DRAW_LINE
#property indicator_color1 clrCrimson
#property indicator_style1 STYLE_SOLID.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.