The Bollinger Bands Buy/Sell Sniper indicator for the MT4 platform works well for any pair and timframe.
The indicator generates a colored buy/sell signal line based on the positive/negative slope of the BB bands.
- A green signal line occurs when the Bollinger Bands are sloping up.
- A red signal line occurs when the Bollinger Bands are sloping down
Feel free to use this indicator together with other technical indicators (oscillators, momentum) or price action methods.
Download the “BB_Analyzer_2.01.ex4” MT4 indicator
The EUR/USD H1 chart below displays the Bollinger Bands Buy/Sell Sniper Metatrader 4 forex indicator in action.
Basic Trading Signals
Signals from the Bollinger Bands Buy/Sell Sniper MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Go long when the Bollinger Bands Buy/Sell Sniper indicator changes its signal line color from red to green.
In this case, the Bollinger Bands trend changes from ST bearish to bullish.
Place a stop loss below short-term support or use your own preferred SL method.
Sell Signal: Go short when the Bollinger Bands Buy/Sell Sniper indicator changes its signal line color from green to red.
In this case, the Bollinger Bands trend changes from ST bullish to bearish.
Place a stop loss above short-term resistance or use your own preferred SL method.
Download the “BB_Analyzer_2.01.ex4” Metatrader 4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (periods, deviation, method to smooth, periods to smooth, slope, percent, bars to calculate slope)Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Type: Bollinger signals
Copy and paste the BB_Analyzer_2.01.ex4 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)