The LRMA Bollinger Bands indicator for Metatrader 4 is an enhanced technical tool that provides better trade entries and exits.
The indicator shows up as a Bollinger Bands indicator together with a mini dashboard showing the exact upper and lower bands values.
All values update in real-time.
A bullish trend occurs when the bands are sloping up while a bearish trend occurs when the bands are sloping down.
Indicator Chart Example
The picture below shows the LRMA Bollinger Bands indicator attached to the Euro / U.S. Dollar H1 chart.
How to use the LRMA Bollinger Bands indicator?
The indicator can be used in multiple ways, find an example below:
- Open a buy transaction when the Bollinger bands are sloping up and price touches the lower blue Bollinger band.
- Place your stop loss below the most recent swing low.
- Exit the buy trade for a fixed take profit target or close the trade when price touches the upper Bollinger band.
- Open a sell transaction when the Bollinger bands are sloping down and price touches the upper blue Bollinger band.
- Place your stop loss the above most recent swing high.
- Exit the sell trade for a fixed take profit target or close the trade when price touches the lower Bollinger band.
How to install the LRMA Bollinger Bands Forex indicator to the Metatrader 4 platform?
- Download the lrma-bb-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