The Advanced Bollinger Bands MT4 forex indicator is an advanced version of the traditional Bollinger Bands indicator, invented by John Bollinger.
In an up trending market, the Bands are pointing to the upside, in an down trending market, the Bands are pointing to the downside.
This indicator is useful and efficient for scalping (M1, M5 charts), day trading (M5, M15 charts), swing trading (M30, H1 charts) and position trading (H4, D1 charts) for any currency pair.
This indicator can be fully customized directly from the indicator’s input tab.
The EUR/USD H1 chart below displays the Advanced Bollinger Bands forex indicator in action.
Basic Trading Signals
Signals from the Advanced Bollinger Bands indicator are easy to interpret and goes as follows:
Buy Trade: The bands must be pointing up. Open buy trade in the red area of the Bollinger Bands indicator. Exit the buy trade in the green area or use your own method of trade exit.
Sell Trade: The bands must be pointing down. Open sell trade in the green area of the Bollinger Bands indicator. Exit the sell trade in the red area or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (Show_Gauge, myChartY, myChartX, Show_PriceBox, BandsPeriod, BandsDeviations) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the advanced-bollinger-bands.ex4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)