The Bollinger Band Bars Metatrader 4 Forex indicator is a technical tool that offers an insightful visualization of volatility and trend changes in a single swoop.
Traders can now be better informed in assessing the volatility of their positions, and also knowing when to enter and exit orders.
An important aspect of the Bollinger Bands i.e. squeeze, performs magically on this indicator.
- In order to interpret its signals, the indicator firstly is captured within a different window, with an exact representation of price action in the form of candlesticks wrapped around two trend lines.
- The trend lines act like a band around price, with contraction and expansion characteristics, that shows decreasing and increasing volatility respectively.
- The band tends to contract around the zero-horizontal level and also widens away from this key level.
- Moments of inactivity in the market are seen when the band contracts and the bars or candlesticks are seen forming around the zero-horizontal critical level. Meanwhile bullish/bearish sentiment becomes evident when the band widens and the bars or candlesticks break further above/below the zero-horizontal level respectively.
Feel free to explore the Bollinger Band Bars Forex indicator’s different parameters and settings to create your own personalized indicator setup.
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Bollinger Band Bars Forex Indicator Chart (USD/CHF M15 Chart Example)
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
Finding Buy and Sell Triggers With The Bollinger Band Bars MT4 Indicator
Buy Signal: Go long when the Bollinger Band Bars indicator widens, with price opening and closing above the zero-horizontal level, while also traveling along the upper outer lime green dotted band.
Sell Signal: Go short when the Bollinger Band Bars indicator widens, with price opening and closing below the zero-horizontal level, while also traveling along the lower outer pale-violet-red dotted band.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the candlestick or bar opens and closes below the zero-horizontal level.
Exit sell trade: Close all sell orders if while a bearish trend is running, the candlestick or bar opens and closes above the zero-horizontal level.
Tips: The Bollinger Band Bars indicator can be deployed as a standalone technical tool.
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Draw bars, bb period, bb price, bb deviations, wick color, body up color, body down color, body width.
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: Bollinger Bands
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.