Features
- Platform: MetaTrader4;
- Currency pairs: any;
- Timeframe: any;
- Trading time: any;
- We recommend using ECN brokers with low spreads.
Overview
The BoBands Analyzer indicator is suitable for analysing charts with multiple timeframes. Therefore it can be used for both long-term and short-term trading at the same time.
Moreover, the innovative display of overbought/oversold and trend conditions makes this indicator a handy tool for trend-following traders.
How it works
The indicator uses four types of coloured bars, creating a reliable representation of market trend conditions.
Its middle line also changes colour, signalling possible reversal positions.
The burgundy bars signal a sideways market condition. They turn orange, signalling the initial stage of a bullish trend. The transformation of the bars from orange to blue indicates a strong bullish trend.
Conversely, the colour of the indicator turns red, signalling a fresh bearish trend. The colour also changes to dark green, expressing an intense downtrend in the market.
In addition, the indicator also uses its average line to signal a trend reversal by changing its colour. A red average line indicates a bearish trend. Conversely, a red line represents a bearish price reversal signal.
Conditions to Buy
- Price bounces off lower BB band
- The indicator bars turn orange
- Stop loss below the middle line
- Exit buy when the bar turns burgundy
Conditions to Sell
- Price bounces south from higher BB band
- The indicator bars turn red
- Stop loss above the middle line
- Exit sale whenever the bar turns burgundy
Conclusion
Bollinger Bands is a popular tool in the Forex world and many traders use it. BoBands Analyzer is a great alternative to the standard Bollinger Bands indicator in MT4 terminal. It clearly shows the sideways market condition when it is better not to trade. Bullish and bearish trend and its strength. It makes chart analysis especially easy for beginners.
 BoBands Version:2.0  |
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Download advanced Bollinger Bands indicator BoBands for MT4. | Date File size Hits | 2022-05-12 92.37 KB 42 | ||
