The Bi-color Bollinger Bands indicator for Metatrader 4 delivers awesome trend signals for any currency pair and time frame.
The indicator appears in the main MT4 chart window as a bi-colored Bollinger Bands indicator.
The colors provide trend direction and the bands the actual entry level.
Key Takeaways:
- Green colored Bollinger Bands suggest an up trending market.
- Red colored Bollinger Bands suggest a down trending market.
- A price breakout above the upper green band is a buy signal.
- A price breakout below the lower red Bollinger Band is a sell signal.
Free Download:
Download the “bollinger-bands-bicolor-indicador.ex4” indicator for MT4
Indicator Example Chart (EUR/USD H4)
The example chart below displays the Bi-color Bollinger Bands indicator in action on the trading chart.
Trading Signals (example):
Buy signal: Open a buy trade as soon as price breaks above the upper green colored Bollinger Band (bullish).
Sell signal: Open a sell trade as soon as price breaks below the lower red colored Bollinger Band (bearish).
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-bicolor-indicador.ex4” 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-bicolor-indicador.ex4 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.