MT4 Bollinger Bands + RSI Indicator (Scanner)
MT4 Bollinger Bands + RSI Indicator combines two widely used technical analysis tools into a single scanner. The indicator registers conditions when Bollinger Bands and RSI readings align — across two configurable modes — and monitors results across all specified assets and timeframes through a structured dashboard.
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What the Bollinger Bands + RSI Indicator (Scanner) Does
The Bollinger Bands + RSI Indicator combines two independent analytical tools into a single confirmation-based system. Each tool evaluates a different aspect of price behavior — Bollinger Bands reflect price position relative to a statistical range, while RSI measures momentum on a normalized scale. The indicator registers a condition only when both components align simultaneously, which reduces the frequency of low-context readings compared to using either tool independently.
Bollinger Bands
Consist of three lines: a central moving average and two outer bands positioned at a standard deviation distance above and below it. The bands dynamically expand and contract with volatility. Price typically moves within the band boundaries — when it reaches or exceeds the outer bands, it has moved to a statistically extended position relative to recent price behavior.
RSI (Relative Strength Index)
Oscillates between 0 and 100, measuring the speed and magnitude of recent price changes. Readings above 70 reflect overbought conditions — price has risen sharply relative to recent history. Readings below 30 reflect oversold conditions — price has fallen sharply. These zones are used as reference points for evaluating potential momentum exhaustion.
When both conditions occur together — price at or beyond a Bollinger Band boundary while RSI is in the corresponding extreme zone — the combined reading reflects two independent measures of extension at the same time.
How to Interpret and Use the Bollinger Bands + RSI Indicator
The indicator offers two detection modes, selectable in the settings.
Aggressive Mode
A condition is registered when price moves beyond the upper or lower Bollinger Band boundary while RSI is simultaneously in the overbought (above 70) or oversold (below 30) zone. This mode registers conditions at the earliest point of alignment between the two components.
Conservative Mode
A condition is registered when price crosses back through the central Bollinger Band line (the moving average), having previously extended beyond the outer band while RSI was in an extreme zone. This mode waits for price to begin returning toward the statistical center before registering the condition, requiring an additional confirmation step relative to Aggressive mode.
The choice between modes affects how early the condition is registered and how many conditions are registered overall — Aggressive mode produces more frequent readings, Conservative mode produces fewer but with an additional structural filter applied.
Multi-Asset Monitoring with the Dashboard
The dashboard displays the current detection status across all monitored assets and timeframes in a single structured view.
Each cell shows the directional context of the most recently registered condition — bullish or bearish — and the number of bars back at which it was registered. Green cells indicate a bullish condition, red cells a bearish one. Color saturation decreases as the condition becomes less recent, making it straightforward to identify the most current readings.
Clicking any cell updates the chart to the corresponding asset and timeframe directly.
Indicator Limitations — The Bollinger Bands + RSI Indicator reflects calculations based on historical price data. Registered conditions indicate that both components have reached defined threshold values simultaneously — they do not predict future price movement or guarantee any particular market outcome. The statistical basis of Bollinger Bands means that price can remain at or beyond the band boundaries for extended periods. All registered conditions should be evaluated within a broader analytical framework.
Indicator Settings & Parameters
The indicator has the following parameters.
| Parameter | Description |
|---|---|
| Scanner & Alerts | |
| Assets | Instruments to include in the scanner. |
| Enable_M1–MN | Include or exclude individual timeframes from the scanner scope. |
| Max_bars | Limits how far back the scanner evaluates conditions. Reducing this value improves calculation speed. |
| Enable alert / Enable email / Enable mobile | Alert delivery configuration: platform notifications, email, or mobile — each configurable independently. |
| Bollinger Bands & RSI | |
| Calculation_mode | Selects the detection mode:
|
| Bollinger Bands and RSI settings | Configure target levels, periods, and calculation methods for each component independently. |
System Requirements & Installation
What you need to run the indicator, how to download and install it in MetaTrader 4, and how the license works.
System Requirements
- Platform
- MetaTrader 4 (Desktop)
- Operating system
- Windows 10 or Windows 11
- Instruments
- Forex pairs, metals, indices, CFDs and other symbols available from your broker in MetaTrader 4
- Data
- Your broker’s price feed in MetaTrader 4
Not available on MetaTrader 4 Web or Mobile. Custom indicators run in the MetaTrader 4 desktop terminal only.
License Terms
- Lifetime License
- This indicator only, 1 live and 1 demo account, one-time payment, free updates included.
- All-Access Subscription
- All indicators and trade copiers, billed monthly, cancel anytime, updates included while the subscription is active.
- Free trial
- 5 days on the subscription plan. If not cancelled, the subscription starts automatically.
- License binding
- Linked to your email and to your MetaTrader 4 trading accounts: one live account and one demo account.
- Computers
- Not restricted. The license is linked to your trading accounts, not to a specific computer.
Installation
- Get access
Start the free trial, subscribe, or buy a lifetime license on this page.
- Download
The indicator is not sent by email. Open (top right of this page) and enter the email you used for your trial, subscription or purchase. The indicator file (.ex4) downloads to your computer.
- Copy to the MetaTrader 4 data folder
In MetaTrader 4, go to
File → Open Data Folder, openMQL4 → Indicatorsand copy the downloaded .ex4 file there. - Add to a chart
Restart MetaTrader 4 or right-click Indicators in the Navigator window and select Refresh. Then drag the indicator from the Navigator onto a chart.
- Activate the license
In the indicator inputs, enter the same email. On first activation, the license is linked to that email and to the trading account the terminal is logged into.
If MetaTrader 4 asks for additional permissions when the indicator is attached, such as DLL imports or WebRequest access, allow them in the indicator’s Common tab or under
Tools → Options → Expert Advisors.
Updating: When a new version is released, download it again through and replace the existing .ex4 file in the same folder.
Installation questions? Contact support, Monday to Friday.
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"Best Seller" and "Trending" reflect Nordman Algorithms sales and usage data, January–September 2026.
Disclaimer — Software Use & Risk Disclosure
Nordman Algorithms is a trade name of Nordman Algorithms OÜ (Reg. No. 14435535), registered in Tallinn, Estonia.
Software Use
Software Nature & User Responsibility — Nordman Algorithms provides algorithmic software tools for technical analysis. Nordman Algorithms is not a financial advisor and is not liable for any losses. All trades conducted based on the software’s output are executed at the user’s sole discretion and risk.
Visual Markers & Signal Disclosure — This software may display visual markers (such as arrows, dots, or alerts) when predefined mathematical conditions are met. These markers are provided for educational and analytical purposes only, must not be interpreted as financial guidance, and do not constitute a recommendation to buy, sell, or hold any financial instrument. Users must independently validate all visual cues within their own trading methodology.
No Financial Advice — Nordman Algorithms does not provide discretionary trading signals, investment advice, or managed signal services. Our software represents a mathematical visualization of historical and real-time data. The appearance of a visual marker does not guarantee a profitable trade or predict future market behavior.
Read the full Terms of Service →Risk Disclosure
Trading Risk Warning — Futures, Forex, and options trading involve significant risk. Risk capital is money that can be lost without jeopardizing financial security. Only risk capital should be used for trading. Past performance is not indicative of future results. An investor could potentially lose all or more than the initial amount committed.
ESMA Risk Warning — Financial instruments, especially those involving leverage such as CFDs and Forex, are complex and carry a high risk of rapid financial loss. Our software provides analytical outputs and visual markers based on predefined mathematical conditions and does not mitigate or reduce inherent market risks. You should carefully consider whether you understand how leveraged financial instruments work and whether you can afford the high risk of losing your capital.
CFTC Rule 4.41 — Hypothetical or simulated performance results have inherent limitations. Unlike actual performance records, simulated results do not represent real trading. Because trades have not actually been executed, these results may under- or over-compensate for the impact of market factors such as liquidity. Simulated results are also subject to the benefit of hindsight. No representation is being made that any account will achieve profits or losses similar to those shown.
Read the full Risk Disclosure →Trademark Notice — MetaTrader 4 and MT4 are trademarks of MetaQuotes Ltd. Nordman Algorithms is an independent software developer and is not affiliated with, sponsored by, or endorsed by MetaQuotes Ltd. References to MetaTrader 4 identify software compatibility.
Need a different setup?
We can customize this indicator to your requirements: add new features, change the calculation logic, or combine several tools into a single solution. We also build Expert Advisors on your own logic, with configurable modules such as dynamic risk parameters, multi-stage trailing stops and additional confirmation filters.
Every project is delivered with full source code and post-delivery support. Fixed-price quote before development begins.
