The Advanced Bollinger Bands Metatrader 4 Forex indicator is a hyper-functional volatility measuring indicator that can be used to buy and sell currency pairs with good accuracy.
The indicator performs optimally for all trade types i.e. position, swing, scalping and intraday trading.
The Hyper Bollinger Bands indicator’s buy/sell price pattern is easy to interpret and goes as follows:
- The start of an uptrend occurs when price breaks back above the middle band to trade back in the green colored Bollinger Bands zone. The trend is now bullish.
- The start of a downtrend occurs when price breaks back below the middle band to trade back in the maroon colored Bollinger Bands zone. The trend is now bearish.
Tip: Trading the MACD MT4 indicator together with the Advanced Bollinger Bands indicator creates a money-spinning trading system.
In this case:
- A buy trend takes place when the silver histograms of the MACD indicator align above the zero-horizontal level while price opens, closes and trades within the dark green filled Bollinger Band
- A sell trend takes place when the silver histograms of the MACD indicator align below the zero-horizontal level while price opens, closes and trades within the maroon filled Bollinger Band
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Hyper Advanced Bollinger Bands Forex Indicator Chart
Below is an example of how the indicator should appear when added onto the Metatrader 4 chart.
Traders are free to adapt this indicator on a cross section of currency pairs and timeframes of their preference.
Finding Buy and Sell Triggers With Hyper Advanced Bollinger Bands Forex Indicator
Below is an example of how to buy and sell forex pairs with this technical indicator:
Buy Trigger: Open buy trade order when price breaks above the middle chocolate line, to trade within the dark-green filled area on the Bollinger Band chart window.
Place stop loss below most recent pullback, or use your own stop loss placement method.
Close the buy trade at the instance price opens and closes below the middle chocolate line on the chart window.
Alternatively, exit the buy trade for a fixed take profit target, for example, 45 pips on the 15-minute day trading chart.
Sell Trigger: Open sell trade order when price breaks below the middle chocolate line, to trade within the maroon filled area on the Bollinger Band chart window.
Place stop loss above most recent pullback, or use your own stop loss placement method.
Close the sell trade at the moment price opens and closes back above the middle chocolate line on the chart window.
Alternatively, exit the sell trade for a fixed take profit target, for example, 60 pips on the 1-hour trading chart.
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Bands period, bands shift, Bands deviation, color head, color top, color mid, color bot, color eq, color dn, color up fill, color dn fill.
The indicator can be used as a stand-alone signals indicator.
It can also be combined with:
- Trading oscillators (RSI, MACD, Moving Average of Oscillator,……)
- Trend indicators (Parabolic SAR, ADX, EMA,…)
- Price action methods and techniques
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 band
Copy and paste the indicator in the MT4 indicators data folder (click on ‘File > Open Data Folder’).
Right click within the MT4 terminal Navigator window to refresh or restart the terminal and add the indicator to any chart.