The Bollinger Band Bars indicator that runs on Metatrader 4 measures volatility and provides buy and sell signals based on colored candlesticks.
The indicator appears in a separate MT4 chart window in the form of two colored Bollinger Bands and colored candlesticks.
The combination of both will provide traders with the actual buy and sell signals.
The indicator works great in trending markets and keeps you out of sideways markets.
Key Takeaways:
- Volatility is considered high when the bands are wide.
- Volatility is considered low when the bands are narrow.
- A green candlestick is bullish.
- A violet candlestick is bearish.
Free Download:
Download the “bollinger-band-bars.mq4” indicator for MT4
Indicator Example Chart (EUR/USD H4)
The example chart below shows the Bollinger Band Bars indicator in action on the trading chart.
Trading Signals (example):
Buy signal: A buy signal occurs when the candlestick is colored green and closes above the upper green Bollinger Band.
Sell signal: A sell signal occurs when the candlestick is colored violet and closes below the lower violet Bollinger Band.
As always, please trade in agreement with the overall trend and practice on a demo account first.
Utilize your own favorite stop loss and take profit method.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Trading signals
Repaint? No.
Download Now:
Download the “bollinger-band-bars.mq4” indicator for Metatrader 4
Installation:
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 bollinger-band-bars.mq4 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.