The Bollinger Bands MACD Signals Metatrader 4 forex indicator is an awesome buy/sell signals oscillator composed of Bollinger Bands and MACD.
It draws buy and sell dots in a separate MT4 trading window.
When to buy? Buy when the indicator draws a green dot.
When to sell? Sell when the indicator draws a red dot.
Yellow dots suggest the market is flat. Keep up with the current position or wait for the next trading signal (green or red dot).
The Bollinger Bands MACD Signals can be used as a stand-alone forex indicator or together with other technical analysis tools.
It’s a great indicator for scalpers and day traders.
It’s recommended to use the indicator during the London and New York sessions for scalping purposes.
The default indicator settings are set to 12, 26, 10. They can be modified directly from the indicator’s input tab.
The AUD/JPY Hourly chart below displays the Bollinger Bands MACD Signals Forex Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the Bollinger Bands MACD Signals MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open long trade position when a green Bollinger Bands MACD dot appears on the activity chart.
Sell Signal: Open short trade position when a magenta Bollinger Bands MACD dot appears on the activity chart.
Trade Exit: Close the open buy/sell forex position when an opposite signal occurs, or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (FastLen, SlowLen, Length, barsCount, alertsOn?) 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 bb-macd.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)