The Bollinger Bands Forex signals indicator for MT4 provides buy and sell trading signals based on Bollinger Bands and ATR (Average True Range).
- A buy signal occurs when a green arrow appears on the chart
- A sell signal occurs when a yellow arrow appears on the chart
The ATR is used as a filter and can be turned ON and OFF.
I prefer to put the ATR filter ON with value set at 25.
I found it to be more accurate with the filter turned ON.
Furthermore, play with its settings and different parameters.
It’s recommended to use the indicator together with other analysis tools or technical indicator for more pips.
The indicator works for any pair and timeframe.
The EUR/USD H1 chart below displays the Bollinger Bands Forex Signals Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the Bollinger Bands Forex Signals MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open a buy trade when a green Bollinger Bands up arrow appears on the chart.
Place a stop loss below short-term support or use your own preferred SL method.
Sell Signal: Open a sell trade when a yellow Bollinger Bands down arrow appears on the chart.
Place a stop loss above short-term resistance or use your own preferred SL method.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (BBperiod, BBdeviations, MAperiod, ATRperiod, alerts)Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Copy and paste the FollowLine_v1.5.mq4 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)