Having an understanding that volatility and trend are very crucial conditions for profiting, makes currency traders keenly observe these moves in order to make profits.
The free Bollinger Bands Stop v2 Metatrader 4 indicator is designed to gauge the best trend reversals, as well as determine the direction price will go.
- In order to interpret its signals, the indicator forms a blue/red dotted band below/above the price bars.
- The indicator offers room for traders to modify its default colors of blue and red, to any preferred colors.
- The farther away the dotted band is positioned to the candlesticks, the stronger the trend in view, while the closer the dotted band is positioned to the candlesticks, the weaker the trend under investigation.
Feel free to explore the Bollinger Bands Stop v2 Forex indicator’s diverse parameters and settings to create your own personalized indicator setup.
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Bollinger Bands Stop v2 Forex Indicator Chart (USD/CHF 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 Stop v2 MT4 Indicator
Buy Signal: Go long when price is trading above the blue dotted band of the Bollinger Bands Stop v2 indicator.
Sell Signal: Go short when price is trading below the red dotted band of the Bollinger Bands Stop v2 indicator.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the Bollinger Bands Stop v2 indicator turns in a red dotted line aligned above the candlesticks.
Exit sell trade: Close all sell orders if while a bearish trend is running, the Bollinger Bands Stop v2 indicator turns in a blue dotted line aligned below the candlesticks.
Tips: The Bollinger Bands Stop v2 indicator can be deployed as a standalone technical tool, but in order to give it more bit, traders can combine this indicator with the Stochastic oscillator.
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Length, deviation, money risk, signal, line, n bars, sound on.
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.