The SVE Bollinger Band MTF forex indicator for Metatrader 4 provides buy and sell trading signals based on extreme Bollinger Band values.
The indicator draws its signals in a separate MT4 window.
A blue buy signal arrow occurs when the indicator crosses back above the 0.00 value from below.
A red sell signal arrow occurs when the indicator crosses back below the 117 value from above.
It’s highly recommended to use this indicator together with a trend following indicator, for example the 100 EMA would fit.
Only trade in the direction of the overall trend.
Price above the 100 EMA? Only trade buy signals from the SVE Bollinger Band MTF indicator.
Price below the 100 EMA? Only trade sell signals from the SVE Bollinger Band MTF indicator.
The EUR/NZD H1 chart below displays the SVE Bollinger Band MTF Metatrader 4 forex indicator in action.
Basic Trading Signals
Signals from the SVE Bollinger Band MTF MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open a buy trade when the SVE Bollinger Band MTF crosses back above the 0.00 level from below.
Place a stop loss a few pips below the most recent low price.
Sell Signal: Open a sell trade when the SVE Bollinger Band MTF crosses back below 117 from above.
Place a stop loss a few pips above the most recent high price.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (timeframe, MA period, MA method, SVE period, deviation for higher and lower band) Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Type: Bollinger Band signals
Copy and paste the sve bollinger band (mtf + alerts + arrows + divergence).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)