The MA Bollinger Bands Forex indicator for Metatrader 4 combines moving averages with the popular Bollinger bands indicator.
The indicator appears in the main chart as Bollinger bands together with blue and red signal arrows.
Generally speaking, the trend is bullish when the Bollinger bands are sloping up while bearish when sloping down.
The buy/sell arrows give you the exact entry price (see trade example below).
For short-term currency traders, deploy the indicator during the volatile trading sessions for best performance.
Free Download
Download the ma-bbands-indicator.mq4 indicator file (MT4)
Indicator Chart Example
The picture below shows the MA Bollinger Bands indicator attached to the Euro/U.S. Dollar 15-minute chart.
How to use the MA Bollinger Bands Forex indicator?
The indicator can be used in multiple ways, find a simple trading example below:
Buy Signal:
- Open a buy trade when the blue arrow appears on the chart and the Bollinger bands are sloping up.
- Place your stop loss below the lower Bollinger band.
- Exit the buy trade for a fixed take profit target or take profit at the upper Bollinger band.
Sell Signal:
- Open a sell trade when the red arrow appears on the chart and the Bollinger bands are sloping down.
- Place your stop loss above the upper Bollinger band.
- Exit the sell trade for a fixed take profit target or take profit at the lower Bollinger band.
How to install the indicator to the Metatrader 4 platform?
- Download the ma-bbands-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