The Bollinger Bands MTF Metatrader 4 Forex indicator is a unique multi-time frame tool that allows traders gauge volatility across all time frames.
The indicator is able to measure whether price is range-bound or trending.
This certainly works for scalpers, swing and day traders.
Typical Bollinger Bands indicators are known to wrap themselves around price, using a pair of outer bands and a middle band to accomplish this.
The most basic interpretation for this indicator is that the upper outer band gauges resistance to price, while the lower outer band does same for support level.
- Just to get a clearer picture of how the market is fairing, pay more attention to the contraction and widening of the tomato colored bands of the Bollinger Bands MTF MT4 indicator line.
- Generally speaking, the indicator displays a trio of bands on the chart window, where the pair of outer bands serves as price boundaries, while the middle band is the n-period moving average.
- The outer upper and lower bands are colored tomato, while the middle band is dodger blue. Having that in mind, the Bollinger Bands MTF indicator envelope can be applied to virtually any market or security.
- As you lengthen the value of the “Bands Period” on the Inputs Variable parameter, the value of the “Bands Deviations” must also be increased proportionally.
Feel free to explore the Bollinger Bands MTF Forex indicator’s varying parameters and settings to create your own personalized indicator setup.
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Bollinger Bands MTF Forex Indicator Chart (NZD/CAD M30 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 Bands MTF MT4 Indicator
Buy Signal: Go long when price bar opens and closes above the dodger blue middle line of the Bollinger Bands MTF indicator, while the green & red lines of the Relative Vigor Index indicator both break and stay above the zero-horizontal level.
Sell Signal: Go short when price bar opens and closes below the dodger blue middle line of the Bollinger Bands MTF MT4 indicator, while the green & red lines of the Relative Vigor Index indicator both dip and stay below the zero-horizontal level.
Exit buy trade: Close all buy orders if while a bullish trend is running, price bar opens and closes below the dodger blue middle line of the Bollinger Bands MTF Indicator.
Else, the green line of the RVI indicator falls below the 0.00 level.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, price bar opens and closes above the dodger blue middle line of the Bollinger Bands MTF Indicator.
Else, the green line of the RVI indicator surges above the 0.00 level
Tips: The Bollinger Bands MTF Indicator is an incredible technical indicator that supports signals on all time frame within the same window.
Setting up this indicator into a system/strategy alongside other Metatrader 4 indicators ramps up its performance.
By so we have added the Relative Vigor Index indicator in the example above.
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Time Frame note, time frame, bands period, bands shift, bands deviations, bands applied price.
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.