Bollinger Band Advanced Edition Indicator
Extended version of the Bollinger Bands indicator for MT5. Trend reversal indicator for MT5. Trend following indicator for MT5.
Description
The Bollinger Band Advanced Edition Indicator for MetaTrader is a dynamic Forex trading tool with many features that go beyond conventional Bollinger Bands. It is an ideal tool for determining trend direction and price reversal zones.
The indicator has a special feature that allows the middle band to alternate between different colors, reflecting the direction of the trend. The middle band changes color to green/red, which corresponds to the bullish/bearish trend, respectively.
The indicator is recommended for scalpers, day/intraday and swing traders. In addition, it is suitable for beginners, intermediate and advanced forex traders.
How to Trade With Bollinger Band Advanced Edition Indicator
The screenshot above shows how the indicator will look on your MT5 chart. In addition, it is recommended to use it with the best price action/other technical indicators to improve trading efficiency.
BUY and SELL signals: First, wait for the price to react to the lower band of the indicator, which signals a potential up move. Now wait for the price to cross the middle line of the indicator, which confirms the uptrend. You can then open a BUY/LONG position after the middle line also turns green.
The above principle also applies to generating a SELL signal.
Conclusion
The Bollinger Band Advanced Edition Indicator for MT5 is an indicator that identifies the trend and measures price volatility. It will also help you determine the optimal area for a BUY/SELL entry. Finally, it’s free to download.