The Triple Bollinger Bands Metatrader 5 forex indicator is an advanced presentation of Bollinger Bands.
The indicator is designed to plot three pairs of the Bollinger Bands with a standard deviation rate 2, 3 and 4 in that order.
The indicator comes with a default period of 50.
Arranging the three indicators with altered deviation periods and line coloring allows it to load using triple calculations.
The USD/CHF M30 chart below displays the Triple Bollinger Bands Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the lines of the indicator widens following a contraction, and price trades above the middle yellow line towards the upper red, light salmon and upper outer yellow lines.
Sell Signal: Go short when the lines of the indicator widens following a contraction, and price trades below the middle yellow line towards the lower red, light salmon and lower outer yellow lines.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, price falls below the middle yellow line of the indicator and the indicator lines constricts.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, price surges above the middle yellow line of the indicator and the indicator lines narrows.
Tips: The Triple Bollinger Bands Metatrader 5 forex indicator is deployed as a volatility finder and should be supported by trend tools.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (period, price), 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 triplebolling.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)