The LRMA Bollinger Bands Metatrader 4 forex indicator consists of Bollinger Bands and the LRMA trading indicator.
Trading the LRMA BB indicator is quite similar to trading the traditional Bollinger Bands (BB) technical indicator.
The trend is up when the LRMA BB bands are pointing to the upside.
The trend is down when the LRMA BB bands are pointing to the downside.
During rising markets (rising bands), look for buy trade opportunities around the purple LRMA center line or near lower Bollinger Bands blue channel line.
Similarly, during falling markets (falling bands), look for sell trade opportunities around the LRMA center line or near the upper Bollinger Bands blue channel line.
This special version of the BB indicator can be used for all trading styles including scalping, day trading and swing trading.
The AUD/USD Hourly chart below displays the LRMA Bollinger Bands Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the LRMA Bollinger Bands MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: During rising LRMA Bollinger Bands (bullish trend), look to open a buy trade near the LRMA center line. Confirm the buy trade with a bullish candlestick reversal pattern.
Sell Signal: During falling LRMA Bollinger Bands (bearish trend), look to open a sell trade near the LRMA center line. Confirm the sell trade with a bearish candlestick reversal pattern.
For buy trades, look to exit the trade near the upper BB resistance band or use your own method of trade exit.
For sell trades, look to exit the trade near the lower BB support band or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (LRMA period, Bands) Colors, 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 lrma-bb-indicator.mq4 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)