The Bollinger Bands W Signal indicator for Metatrader 4 provides buy and sell signals based on the Bollinger Bands.
The indicator appears in a separate MT4 chart window as colored trend histogram bars.
Buying and selling currency pairs with this indicator is utterly simple, even for beginners.
Key Takeaways:
- The trend bias is considered bullish whenever the green histogram bars appear on the chart.
- The trend bias is considered bearish whenever the red histogram bars appear on the chart.
- Yellow colored indicator bars indicate a range-bound market.
- Based on the Bollinger Bands technical indicator.
The Bollinger Bands W Signal indicator can also be used to confirm trading signals issued by other trading systems or strategies, or as an additional trend filter.
Free Download:
Download the “Bollinger Bands W.mq4” indicator for MT4
Indicator Example Chart (EUR/USD M5)
The example chart below displays the Bollinger Bands W Signal indicator in action on the trading chart.
Trading Signals (example):
Buy signal: Initiate a buy trade as soon as the first green Bollinger Bands W Signal histogram bar appears on the chart.
Sell signal: Initiate a sell trade as soon as the first red Bollinger Bands W Signal histogram bar appears on the chart.
Keep the trade open when the yellow bar gets printed on the chart.
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 Bands W.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 Bands W.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.