Quantiles are known as cut points that split the range of a probability distribution into contiguous intervals with the same odds, or dividing the observations in a sample in the same manner.
Howbeit, quartiles represent the three cut points that will split a data set into four equal-size groups.
The Quantile Bands Generalized Metatrader 5 forex indicator uses only one price in finding the high and low values, instead of using 3 prices as seen in other band versions of the quantile bands.
The two distinct colors that paint the middle line of the MT5 forex indicator are dark orange and lime green, which denotes a bearish and bullish market trend respectively.
The EUR/USD H1 chart below displays the Quantile Bands Generalized Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the middle line of the Quantile Bands Metatrader 5 custom forex indicator turns lime green.
Sell Signal: Go short when the middle line of the Quantile Bands Metatrader 5 custom forex indicator turns dark orange.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the middle line of the Quantile Bands Generalized forex indicator turns dark orange.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the middle line of the Quantile Bands Generalized forex indicator turns lime green.
Tips: Trading the Quantile Bands forex indicator is a simple way for all type of currency traders to take hold of an amazing tool and turn in profits when trading.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (Quantile period, Period for high/low finding, Upper band percent, Middle band percent, Lower band percent), 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 | volatility
Copy and paste the Quantile_bands_-_generalized.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)