The Bollinger Bands (BB) indicator for MT5 is composed of two outer bands and middle band and it measures market volatility.
The indicator gets displayed in the main chart window.
General assumptions:
- Wide Bollinger Bands indicate high market volatility.
- Narrow Bollinger Bands indicate low market volatility.
- The trend is upwards when the BB are going up.
- The trend is downwards when the BB are going down.
Feel free to download the Bollinger Bands indicator for Metatrader 4 here.
The indicator is very reliable, lightweight, and will not slow down your trading platform.
Free Download:
Download the “bb.mq5” indicator for MT5
Indicator Example Chart (EUR/USD Daily)
The picture below shows the Bollinger Bands indicator in action on the MT5 trading chart.
After you downloaded and installed the indicator on the MT5 trading platform, it should look like the image as shown above.
Trading Tips:
Feel free to use your own favorite trade entry, stop loss and take profit strategy when trading with the Bollinger 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.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 5 (MT5)
Trading Instruments: Works for Forex, Stocks, Commodities, Equity Indices, Precious Metals, Energies and Shares
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: Bollinger bands
Does the indicator repaint? No.
Download Now:
Download the “bb.mq5” indicator for Metatrader 5
How to install this indicator on Metatrader 5?
Open the Metatrader 5 platform
From the top menu, click on “File”
Then click on “Open Data Folder”
Then double click with your mouse button on “MQL5”
Now double click on “Indicators”
Paste the bb.mq5 indicator in the Indicators folder.
Finally restart the MT5 platform and attach the indicator to any chart.
How to remove the indicator?
Right click with your mouse on the chart that you have the indicator attached to.
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 on the chart that you have the indicator attached to.
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.