The BB stops Metatrader 5 custom forex indicator comes with some extras and further adapting to MetaTrader 5 usage.
It works good for scalping, day trading and swing trading on any currency pair of your choice.
The current version of the BB stops MT5 forex indicator allows traders to select from the average types that wish to deploy for the calculation, deviation sample correction, and the normal things i.e. basic set of alerts along with multi time frame preferences.
There are essentially two ways in which the BB_stops Metatrader 5 custom Forex indicator can be used:
- One of which is a trending indicator
- The second is for setting stop loss targets
In both scenarios, the direction of the current market estimation is showed, along with the target value (when the direction gets altered) also gets displayed, in order to aid in decision making.
The EUR/CAD H4 chart below displays the BB Stops Metatrader 5 forex indicator in action
Basic Trading Signals
Buy Signal: Go long when the dodger blue line of the BB_stops Metatrader 5 custom Forex indicator gets aligned slightly below the candlesticks.
Sell Signal: Go short when the sandy brown line of the BB_stops Metatrader 5 custom Forex indicator gets placed somewhat above the price bars.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the BB_stops MT5 forex indicator displays a sandy brown line placed fairly above price bars.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the BB_stops MT5 forex indicator displays a dodger blue line placed slightly below the candlesticks.
Tips: Traders can use the BB_stops custom Metatrader 5 indicator in setting stop, measuring volatility and also gauging short term resistance/support levels.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (Time frame, Bollinger bands, Moving average method, Price, Deviations period, Deviation, Deviation sample correction?, Risk, Turn alerts on? Alert on current bar? Display messages on alerts? Play sound on alerts?, Send push notification on alerts? Interpolate mtf data?), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: trend | stops | volatility
Copy and paste the BB_stops.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)