The AMA Bands Forex indicator was built for Metatrader 4 and follows the trend with the help of a colored arrow bands system.
It looks a bit similar to the Bollinger Bands indicator but this indicator uses the AMA formula.
- A blue colored AMA arrow represents a buy signal.
- A red colored AMA arrow represents a sell signal.
Overall, the indicator works very well in a trending environment.
The indicator works on a wide range of trading instruments (Forex, CFD stocks, Indices, Cryptocurrencies, Commodities,..).
Indicator Example Chart (EUR/USD M30)
How to trade with it (example)?
Open a new buy trade whenever the AMA bands indicator starts drawing the blue arrows on the chart.
Open a new sell trade whenever the AMA bands indicator starts drawing the red arrows on the chart.
Close the trade when an opposite trading signal arrow appears on the chart, or for a fixed profit target of your preference.
Set a stop loss above or below the most recent swing high or low price.
Feel free to use your own favorite trading method to open and close trades with the AMA Bands Forex indicator.
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Input Parameters: Range, slow AMA, fast AMA, inner bands, outer bands, color settings & style
Indicator type: trend
Repaint? Does not repaint the AMA bands and the buy & sell arrows.
Open the Metatrader 4 platform
From the top menu, click on “File”
Then click on “Open Data Folder”
Then double click with your mouse button on “MQL4”
Now double click on “Indicators”
Paste the ama-bands.mq4 indicator in the Indicators folder.
Finally restart the MT4 platform and attach the indicator to any chart.
How to remove the indicator?
Click with your right mouse button in the chart with the indicator attached onto it.
Select “Indicator List” from the drop down menu.
Select the indicator and press delete.
How to edit the indicator’s inputs and parameters?
Right click with your mouse button in the chart with the indicator attached onto it.
From the drop down menu, click on indicators list.
Select the indicator from the list and press edit.
Now you can edit the indicator.
Finally, press the OK button to save the updated configuration.