The Val Bands Signals Metatrader 5 forex indicator is a mixture of histograms and lines.
While the histograms are used to represent the candlestick length in points, the lines depicts averages from the candlesticks length with standard deviation.
The settings of the Val Bands Signals MT5 forex indicator are comparable to the Bollinger Bands Channel.
The indicator has far-reaching benefits, one of which is identification of gaps on the market.
These gaps are contained in the yellow histogram bar that is above the yellow line i.e. crossing the upper boundary.
The market is said to be flat when the gray histogram is crossing the lower boundary, while a new trend is said to begin when the red histogram is crossing the lower boundary.
Free Download
Download the “val_bands.ex5” MT5 indicator
Example Chart
The USD/CHF M30 chart below displays the Val Bands Signals Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the red histogram is crossing the lower boundary (endorsing the start of a new trend). Confirm market direction with trend tools like the moving averages.
Sell Signal: Go short when red histogram is crossing the lower boundary (endorsing the start of a new trend). Confirm market direction with trend tools like the moving averages.
Exit buy trade: Close all buy trades if while a bullish trend is ongoing, the gray histogram is crossing the lower boundary (market is said to be flat). A trend reversal tool could also be deployed to confirm the price reversal.
Exit sell trade: Close all sell trades if while a bearish trend is ongoing, the gray histogram is crossing the lower boundary (market is said to be flat). A trend reversal tool could also be deployed to confirm the price reversal.
Tips: The val_bands MT5 forex indicator shouldn’t be used in isolation, but alongside trend and reversal technical indicators.
Download
Download the “val_bands.ex5” Metatrader 5 indicator
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Calculation period, Standard deviation size), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: volatility
Installation
Copy and paste the val_bands.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)