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.
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.
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)