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"Bollinger Bands" A Custom Indicator For Metatrader 4 | 100% FREE TO DOWNLOAD

Bollinger Bands are typically drawn on price charts, but they can also be added on indicator charts (Custom Indicators). The interpretation of the Bollinger Bands, like that of the Envelopes, is based on the fact that prices tend to remain between the top and bottom lines of the bands. The Bollinger Band indicator is distinguished by its fluctuating breadth as a result of price volatility. During periods of significant price swings (i.e., high volatility), the bands enlarge, giving prices plenty of room to move in. During periods of stagnation or low volatility, the band contracts, keeping prices within their bounds.

The Bollinger Band is distinguished by the following characteristics:

  1. Prices tend to alter abruptly once the band has contracted due to a decrease in volatility.
  2. If prices break through the top range, the current trend will be likely to continue.
  3. A trend reversal may occur if the pikes and hollows outside the band are followed by pikes and hollows inside the band.
  4. Price movement that begins at one of the band's lines frequently ends at the opposite one. The final point is useful for forecasting price guideposts.

How to Use the Bollinger Bands Bicolor Indicator to Trade
  1. The Bollinger bands bicolor indicator is adaptable and can be used in a variety of trading methods. It is useful for trading market circumstances such as trending, ranging, bounces, and breakouts.
  2. This makes it a viable trading tool for a variety of trading strategies, including day, intraday, and swing trading. Because of its simplicity and great precision in taking trades, it would be useful to both professional and novice traders.
  3. The outer bands' colour shifts between green and red in response to market sentiment. The moving average in the middle of the bands is light-sea-green in colour.
  4. When both the upper and lower bands turn GREEN, it sends a BUY signal, and when they change RED, it sends a SELL signal.
  5. The easiest technique to use this indicator to trade profitably is shown above. The accompanying chart depicts the indicator's behaviour on a EUR/USD pair in the H4 time frame.
  6. Wait for a candle (ideally a bullish candle) to open and close above the light-sea-green moving average to acquire a high probability bullish (BUY) setup. If the bands turn GREEN, enter a LONG position.
  7. The same idea applies to bearish (SELL) scenarios. Wait for a candle to open and close below the light-sea green moving average (ideally a bearish candle). Also, before entering a SELL position, make sure the bands have turned RED.
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