The low pass BB bands MT4 indicator provides buy and sell signals based on a modified version of the popular Bollinger bands technical indicator.
The indicator is composed of 3 Bollinger Bands:
- The upper red Bollinger Band
- The middle line
- The lower green Bollinger Band
The low pass BB indicator paints magenta and aqua colored dots on the activity chart.
- An aqua colored dot appears when price touches the upper red band.
- A magenta colored dot appears when price touches the lower green band.
The low pass BB bands MT4 can be useful for both scalpers and intraday traders.
Feel free to experiment with the different indicator’s inputs settings to suit your needs and preferences.
The GBP/USD 15-Minute chart below displays the Low Pass Signals Bollinger Bands Metatrader 4 forex indicator in action.
Basic Trading Signals
Signals from the Low Pass Signals Bollinger Bands MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Initiate a buy trade when the Low Pass Signals Bollinger Bands paints a magenta dot below the candlestick.
Place a stop loss below support or use your own preferred SL method.
Close the trade at the upper red Bollinger band.
Sell Signal: Initiate a sell trade when the Low Pass Signals Bollinger Bands paints an aqua dot above the candlestick.
Place a stop loss above resistance or use your own preferred SL method.
Close the trade at the lower green Bollinger Band.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (time frame, filter price, range period, up deviation, down deviation, show arrows, alerts on) Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Type: signal bands
Copy and paste the low-pass-bands-sync-filters-mtf.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)