The Vidya Bands Forex indicator for Metatrader 4 represents a colored buy/sell bands system that follows the overall market trends.
The Vidya Bands consists of the CMO, moving average and average true range technical indicators.
After loading the indicator on the chart, the 3-colored bands system will pop-up on the main activity chart (see chart example below).
Buy & sell signal:
- Open a new buy position when the bands are sloping up and price reaches the lower green band.
- Open a new sell position when the bands are sloping down and price reaches the upper red band.
The indicator is very reliable, lightweight, and will not slow down your trading platform.
Vidya Bands can also work together with any existing trading strategy or Forex system.
Indicator Example Chart (EUR/USD M5)
The example chart below shows the Vidya Bands mt4 indicator in action.
Feel free to use your own favorite trade entry, stop loss and take profit method when trading with the Vidya Bands Forex indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Bands
Does the indicator repaint? No. It dynamically updates the bands in real-time.
How to install the Vidya Bands indicator in Metatrader 4?
Open the Metatrader 4 platform
From the top menu, click on “File”
Then click on “Open Data Folder”
Then double click with your mouse button on “MQL4”
Now double click on “Indicators”
Paste the indicator in the Indicators folder.
Finally restart the MT4 platform and attach the indicator to any chart.
How to remove the indicator?
Click with your right mouse button in the chart with the indicator attached onto it.
Select “Indicator List” from the drop down menu.
Select the indicator and press delete.
How to edit the indicator’s inputs and parameters?
Right click with your mouse button in the chart with the indicator attached onto it.
From the drop down menu, click on indicators list.
Select the indicator from the list and press edit.
Now you can edit the indicator.
Finally, press the OK button to save the updated configuration.