The Super Signal Bands MT4 indicator is a very popular stop and reverse signal generator forex trading indicator.
Using the indicator is utterly simple for any trader:
Look to buy when the Super Signal Bands MT4 indicator draws a green signal line below price. This is a bullish trend signal.
Look to sell when the Super Signal Bands MT4 indicator draws an orange signal line above price. This is a bearish trend signal.
Feel free to experiment with the indicator’s standard settings. They can be changed directly from the indicator’s inputs tab.
The EUR/USD 4-Hour chart below displays the Super Signal Bands Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the Super Signal Bands MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Initiate new buy trade position when the signal line changes color from orange to green. Place a stop-loss below the green signal line and trail it up just below the green line.
Sell Signal: Initiate new sell trade position when the signal line changes color from green to orange. Place a stop-loss above the red signal line and trail it down just above the orange line.
Trade Exit: Use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (Length, Deviation, X, Money risk, Signal, Line, Nbars) 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 bbands-stop-indicator.mq4 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)