Dip Buyer Zones — free indicator for stock indices
Highlights only the dips that happen inside an uptrend
Buying every oversold dip is how accounts die in a downtrend. Buying an oversold dip only while the market is in a confirmed uptrend is a different, defensible idea. This indicator puts a green arrow under a bar when RSI is oversold AND price is above a rising SMA-200. Both are read on closed bars and the condition is judged on the previous bar's close, so nothing repaints.
Features
- ✓Trend SMA (default 200) drawn; setups only above it
- ✓Green arrow only when RSI is oversold (default 40) above a rising SMA
- ✓RequireRising also demands an upward SMA slope (default on)
- ✓Defaults suit stock indices (e.g. Nasdaq)
Free download
No registration, completely free, full source included. A compiled version (and MT4 build) is also free on the MQL5 Market.
Download (.mq5)Parameters
| Parameter | Default | Description |
|---|---|---|
| TrendSMA | 200 | Trend SMA (setups only above it) |
| RSI_Period | 14 | RSI period |
| RSI_BuyLevel | 40 | At/below this = oversold pullback |
| RequireRising | true | Require the SMA to be rising |
| — | — | — |
Installation
- 1Put the downloaded .mq5 into MT5: File → Open Data Folder → MQL5 → Indicators.
- 2Restart MT5 (or refresh the Navigator) and drag it onto a chart.
- 3It works with the defaults; re-fit the parameters to your instrument.
Note
A visualisation tool, not a signal service. Dip-buying works on structurally up-biased instruments (major indices) and fails on assets that trend down or range. A marked zone is context, not a promise the dip will hold.
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