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Self-Adjusting RSI with Bollinger Band Overbought and Oversold Levels

Article MQL5 code base
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Summary

FX5_SelfAdjustingRSI is an oscillator indicator that applies Bollinger Bands to RSI values to define changing overbought and oversold boundaries. Rather than relying only on fixed RSI thresholds, the band levels adjust with the recent distribution of the oscillator. The listed inputs include an RSI period, applied price, band deviation, an option for smoothing, and a horizontal shift.

The document identifies the indicator as first implemented in MQL4 and gives its original publication date, but provides no trading rules, backtest results, or evidence that the adaptive boundaries improve signals. Its description is limited to the indicator’s construction and settings. Traders would need to determine how to interpret band crossings, choose parameters, and test the behavior across instruments and market regimes before using it as a strategy.

Key ideas

  • The indicator places Bollinger Bands around RSI values to create adaptive threshold levels.
  • Its inputs include RSI period, price series, band deviation, smoothing choice, and chart shift.
  • The document describes an indicator rather than a complete entry and exit strategy.
  • No backtest or evidence of improved signal quality is provided.

Tags

Technical indicatorsMean reversionStatistics

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.