The Modified Standard Deviation Metatrader 5 forex indicator is an improved Standard StdDev indicator, but in this case, it comes with an upgraded visibility of periods when the indicator values alters to rising or declining.
Interpretation of the values on the Modified Standard Deviation Metatrader 5 forex indicator are as follows:
- A change of the line color from red to green indicates the start of the trend movement
- When the line color changes from green to red, it is an indication of weakening trend movement
Traditionally, the Modified Standard Deviation MT5 indicator is used alongside the Bollinger Bands.
If the price bar nears or touches the upper Bollinger Band, and the indicator line color changes from red to green, an uptrend is said to be looming.
While if the price bar nears or touches the lower Bollinger Band and the Modified Standard Deviation MT5 indicator line color changes from red to green, then a downtrend is said to be in the making.
Works for scalping, day trading and swing trading.
Free Download
Download the “ModifiedStdDev.ex5” MT5 indicator
Example Chart
The EUR/GBP M30 chart below displays the Modified Standard Deviation Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the line color of the Modified Standard Deviation MT5 indicator changes from red to green and price bar touches or nears the upper Bollinger Band (or a bullish signal confirmation from any other likely trend indicator).
Sell Signal: Go short when the line color of the Modified Standard Deviation MT5 indicator changes from red to green and price bar touches or nears the lower Bollinger Band (or a bearish signal confirmation from any other likely trend indicator).
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the line color of the Modified Standard Deviation MT5 forex indicator changes from green to red.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the line color of the Modified Standard Deviation MT5 forex indicator changes from green to red.
Tips: As simple as the Modified Standard Deviation Metatrader 5 forex indicator may appear, when properly combined with other technical indicators (i.e. Bollinger Band, etc.), it produces some of the most profitable trading results traders can be proud of.
Download
Download the “ModifiedStdDev.ex5” Metatrader 5 indicator
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Period, Shift, Method, Accuracy, Types of messages), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: trend movement
Installation
Copy and paste the ModifiedStdDev.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)