The Bollinger Bands with Deviation Forex indicator for Metatrader 4 plots two Bollinger Bands with custom deviation on the trading chart.
In essence, the indicator measures market volatility and can be used for both entry and exit signals.
Buy & sell signal:
- A buy signal is given when price touches the lower green Bollinger band and the market trend is upward.
- A sell signal is given when price touches the upper green Bollinger band and the market trend is downward.
From our testings, the indicator does not repaint and works for any currency pair and time frame without slowing down the trading platform.
It can be used as a standalone market analysis tool or it can be combined with other technical indicators and trading strategies for increased performance.
Try first on a demo account until you fully understand how this indicator works!
Indicator Chart Example
The picture above shows the indicator attached to the Euro / U.S. Dollar chart.
How to install the Bollinger Bands with Deviation indicator to your Metatrader 4 platform?
- Download the i-bbwithfractdev-indicator.mq4 indicator file here and save it to your computer
- Open your Metatrader 4 platform
- Click on “File” (top menu) and then select “Open Data Folder” from the drop down menu
- Click on “MQL4” and open the “Indicators” folder
- Paste the indicator file in this folder
- Restart Metatrader 4 and you’re ready to start using the indicator
How to edit the indicator?
- Attach the indicator to any trading chart of your preference
- Right click in the chart and select “Indicators List” from the drop down menu
- Select the indicator from the list and click on “Edit”
- Now you can start editing the indicator (Inputs, Colors and Visualization)
- Final step, click on the “OK” button to save the new configuration