RSI Bands Indicator for MT4 and MT5

Written by Dominic Walsh · Published 8 Jul 2026 · Last updated 21 Sep 2026

Look at the two numbers before anything else. The rsi bands indicator keeps Wilder’s 14-bar reading but sets its bands at 80 and 35, and that gap is not a typo. Calling a market overbought takes a hard push; calling it oversold takes only a shallow dip.

This build ships as a compiled .ex4 for MT4 and .ex5 for MT5.

Platforms	MT4 (.ex4) + MT5 (.ex5)
Chart window	Separate window
Plots	1: RSI
Alerts	popup, push notification, email, sound
Inputs	9

What renders

One plot, in a pane below price.

`RSI` traces medium orchid across it.

The curve runs between zero and one hundred.

Bands come from the two level inputs.

Nothing is drawn on the candles themselves.

No second line accompanies the curve.

• RSI: plot, medium orchid

What happens behind it

Written out in full

The arithmetic lives in this file. Gains and losses over the window get summed, divided, and folded into the hundred-point scale, with no call out to the terminal.

The window

`Period` `14` is Wilder’s own figure. Fourteen bars is short enough that the curve visits both ends of its range regularly, which is what makes bands meaningful at all.

The lopsided pair

`OverboughtLevel` `80` sits four points above the usual mark. `OversoldLevel` `35` sits five below the other end, so the two bands are not mirror images.

Turning output into a view

Fifty means gains and losses balanced over fourteen bars.

Reaching eighty takes a genuinely hard push.

Falling to thirty-five takes much less.

That asymmetry favours the upside by design.

The curve reaching a band is the reported event.

Warm-up needs fourteen closed bars.

Alert channels in this build: popup, push notification, email and sound, one message per closed bar.

The curve reaching one of the two bands is what raises the message. `EnableAlerts` is the master switch and `EnablePopup` drops it into a terminal box already. The phone, the mail route and the desktop chime behind `SoundFile` all start shut.

Every RSI Bands Indicator input

Core settings

Setting	What it does	Default
Period	Bars in the reading, `14`.	14
OverboughtLevel	Upper band the curve must reach, `80`.	80
OversoldLevel	Lower band it must fall to, `35`.	35

Alert settings

Setting	What it does	Default
EnableAlerts	Master switch over the band message, `true`.	on
EnablePopup	Drops it into a terminal box, `true`.	on
EnablePushNotify	Hands it to a phone, `false`.	off
EnableEmail	Sends it out by mail, `false`.	off
EnableSound	Chimes it at the desktop, `false`.	off
SoundFile	Clip the chime plays, `”alert.wav”`.	alert.wav

Picking a chart for it

A fourteen-bar curve reaches its bands often enough on any liquid chart. EURUSD H1 suits the pace, giving a band visit every day or so. On M5 the curve pins to an end and stays there. On D1 eighty becomes genuinely rare.

Where the logic runs out

A stretched reading can stay stretched for many bars.

The asymmetry bakes in a directional assumption.

Eighty above and thirty-five below are not comparable events.

One curve with no second line offers no crossing.

Copy the compiled RSI Bands Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.

Download the RSI Bands Indicator for MT4 and MT5

The zip holds the compiled RSI Bands Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.

FAQ

Why is OversoldLevel set to 35 and not 30?

It makes the lower band easier to reach. Together with an overbought mark pushed out to eighty, the pair leans the tool toward calling dips rather than tops, which suits a market you already read as rising.

Does Period 14 call the built-in RSI?

No. The gains, the losses and the division all run inside this source, so the curve can be checked line by line and does not depend on the terminal’s own implementation.

How far apart are OverboughtLevel and OversoldLevel?

Forty-five points, and they sit unevenly around the midline. Eighty is thirty above fifty while thirty-five is only fifteen below it, so the upper band is twice as far out as the lower one.

What colour does the RSI plot use here?

Medium orchid, which keeps it distinct if you stack this pane beside another reading of the same family. The colour carries no meaning of its own; only the curve’s position against the two bands matters.

Are results guaranteed?

No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the RSI Bands Indicator as one input. Always backtest before trading live.