The VTS Bollinger Band Signal Forex indicator for Metatrader 5 turns the regular BB indicator into a fantastic tool for buying and selling currency pairs.
This indicator tracks the prevailing trend and provides timely alerts when the trend reverses in the opposite direction.
It consists of a green and red colored dots system, complemented by gold-colored lines that can be utilized for dynamic stop loss positioning.
How to use the indicator?
- Green colored VTS BB dots indicate a buy trend.
- Red colored VTS BB dots indicate a sell trend.
The following indicator inputs and parameters can be modified: BB period, deviation, and price.
The indicator works for any trading instrument (Forex, Stocks, Indices, Metals, etc.) supported by the Metatrader 5 charting platform.
Please make yourself familiar with this technical indicator and test it first on a demo account until you fully understand how it works.
It supports all time frames and Forex pairs.
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Chart Example
The picture below illustrates what the VTS Bollinger Band Signal indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The VTS Bollinger Band Signal Indicator?
Find a simple trading strategy below:
Buy Signal
- The first green colored VTS dot is a buy signal (see chart example above).
- Initiate a buy transaction and place your protective stop loss slightly below the green colored dots.
- Take profit method 1: trail your stop loss up just below the green colored dots until you get stopped out.
- Take profit method 2: exit and reverse the buy trade when the first red colored dot appears on the trading chart.
Sell Signal
- The first red colored VTS dot is a sell signal (see chart example above).
- Initiate a sell transaction and place your protective stop loss slightly above the red colored dots.
- Take profit method 1: trail your stop loss down just above the red colored dots until you get stopped out.
- Take profit method 2: exit and reverse the sell trade when the first green colored dot appears on the trading chart.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the VTS_BB.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration