The target bands forex MT4 indicator draws dynamic bands on the activity chart.
When the trend is up, the target bands will slope up.
Likewise, when the trend is down, the target bands will slope down.
Every time price touches the bands, the indicator will paint a signal circle on the chart.
It’s important to take notice of the prevailing trend.
- When the trend is down, we are only interested to take sell signals that appear at the upper light-brown band.
- When the trend is up, we are only interested to take buy signals that appear at the lower blue band.
Feel free to experiment with the different indicator’s inputs settings to suit your needs and preferences.
The EUR/USD 4-Hour chart below displays the Target Bands Signal Metatrader 4 forex indicator in action.
Basic Trading Signals
Signals from the Target Bands Signal MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open a buy trade when the Target Bands are sloping up and a circle signal appears at the lower blue target band.
Place a stop loss below support or use your own preferred SL method.
Sell Signal: Open a sell trade when the Target Bands are sloping down and a circle signal appears at the upper light-brown target band.
Place a stop loss above resistance or use your own preferred SL method.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (time frame, price, bands deviations, interpolate, alerts) Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Type: signal bands
Copy and paste the target-bands-indicator.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)