The Bollinger Versus Envelopes indicator is a short-term trend prediction indicator based on Envelopes and Bollinger Bands.
The indicator appears in the main MT4 chart window as colored blue and red candlesticks.
The candlesticks will predict short-term trend direction for any trade instrument that works on MT4.
Key Takeaways:
- A short-term bullish trend occurs whenever the blue candlestick appears on the chart.
- A short-term bearish trend occurs whenever the red candlestick appears on the chart.
- A good indicator for scalping pairs.
- Multiple trade opportunities every day.
Free Download:
Download the “bollinger-vs-envelopes.ex4” indicator for MT4
Indicator Example Chart (EUR/USD H1)
The example chart below displays the Bollinger Versus Envelopes indicator in action on the trading chart.
Trading Signals (example):
Buy signal: Open a buy trade as soon as the blue candlestick appears on the trading chart.
Sell signal: Open a sell trade as soon as the red candlestick appears on the trading chart.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
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-vs-envelopes.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-vs-envelopes.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.