The Bollinger Bandwidth Delta Metatrader 5 forex indicator is used to show the relative width of Bollinger Bands over a period of time.
The indicator settings can be adjusted to match the features of a particular currency pair or trading cycles.
We recommend that you make small incremental adjustments to the BB deviation, a variable found within the available inputs parameters.
Altering the value of the BB period (another variable within the inputs parameter) for the Bollinger Bandwidth Delta indicator also affects the number of periods used to calculate the average BB deviation variable.
The Bollinger Bandwidth Delta indicator displays a set of histograms that are flanked above or below the zero signal level in response to changes in trend.
The EUR/JPY H1 chart below displays the Bollinger Bandwidth Delta Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the green and red histograms of the Bollinger Bandwidth Delta Metatrader 5 forex indicator gets aligned above the zero signal level.
Sell Signal: Go short when the green and red histograms of the Bollinger Bandwidth Delta Metatrader 5 forex indicator gets flanked below the zero center line.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the Bollinger Bandwidth Delta MT5 indicator pops up a red histogram below the zero signal line.
Exit sell trade: Close all sell orders if while a bearish trend is running, the Bollinger Bandwidth Delta indicator displays a green histogram above the zero center line.
Tips: The Bollinger Bandwidth Delta indicator mirror price path using the 20-period SMA, as such the indicator can be used to determine if prices are comparatively high or low.
It is critical to combine the Bollinger Bandwidth Delta with simple trend analysis and other technical tools for confirmation.
Scalper, day traders and swing traders can benefit from this awesome trading indicator.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (BB period, BB deviation, Delta period, Applied price, Show data in percentage), 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 Bollinger_Bandwidth_Delta.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)