The idea behind the Bollinger Bands Squeeze Metatrader 5 forex indicator is to determine the periods of “no entry” by combining the Keltner and Bollinger bands.
The squeeze occurs when the Bollinger bands are positioned within the Keltner channel.
There are other versions of the BB squeeze indicator, but they’re combined with other indicators that are not connected to either Bollinger bands or Keltner channel.
Howbeit, it is clear that during a “squeeze,” the Bollinger bands squeeze MT5 indicator fills the bands area with gray color.
This implies that currency traders should avoid initiating new buy/sell orders during periods like this.
Download the “Bollinger bands squeeze.ex5” MT5 indicator
The AUD/USD M30 chart below displays the Bollinger Bands Squeeze Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the channel middle line of the Bollinger Bands Squeeze Metatrader 5 forex indicator turns lime green.
Sell Signal: Go short when the channel middle line of the Bollinger Bands Squeeze Metatrader 5 forex indicator turns orange.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the band area gets filled with gray color.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the band area gets filled with gray color.
Tips: Knowing when to stay off the market is a vital aspect of any successful trading career. The Bollinger Bands Squeeze MT5 forex indicator offers all types of traders access to this critical information, thereby optimizing their trading results.
Download the “Bollinger bands squeeze.ex5” Metatrader 5 indicator
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (BB and Keltner period, Price, BB width, Keltner channel width, <=0 same as BB width), 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 | volatility
Copy and paste the Bollinger bands squeeze.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)