The Triple Bollinger Bands indicator for Metatrader 5 might give you an early indication when it’s time to open a long or short trade.
It consists of three upper bands and three lower bands, which can function as potential resistance and support levels.
To identify bullish and bearish market trends using this indicator:
- Upward sloping triple Bollinger Bands indicate a bullish market trend.
- Downward sloping triple Bollinger Bands indicate a bearish market trend.
The indicator offers various inputs and parameters, such as time frame, period, MA shift, deviation, price, and colors.
Prior to deploying the Triple Bollinger Bands indicator in real trading, it is advised to demo trade with it until you fully understand how it works.
It supports all time frames and Forex pairs.
Download Indicator
TripleBolling_Modified.mq5 Indicator (MT5)
Trading Chart Example
The image below displays what the Triple Bollinger Bands indicator looks like when applied to the MT5 chart.
How To Buy And Sell With The Triple Bollinger Bands Indicator?
Find a simple trading example below:
Buy Signal
- The triple Bollinger Bands should show a positive slope, indicating a bullish trend.
- Initiate a buy order as soon as the candlestick touches the lower red Bollinger band.
- Exit the buy trade when the candlestick reaches the upper red Bollinger band.
Sell Signal
- The triple Bollinger Bands should show a negative slope, indicating a bearish trend.
- Initiate a sell order as soon as the candlestick touches the upper red Bollinger band.
- Exit the sell trade when the candlestick reaches the lower red Bollinger band.
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TripleBolling_Modified.mq5 Indicator (MT5)
Triple Band Trend Confirmation MT5 Trading System
This strategy blends the volatility-based insights of the Triple Bollinger Bands Indicator with directional confirmation from the Buy Sell Trend Value Indicator.
The system aims to catch early trend moves and ride them with reduced risk by combining band breakouts and confirmed signal arrows.
Indicators Used
- Triple Bollinger Bands: Expands the classic Bollinger Bands with three levels (inner, mid, outer), helping traders identify volatility shifts and overextended price moves.
- Buy Sell Trend Value: Generates real-time buy and sell signals based on custom trend logic, often used for entry timing.
Timeframes
Best applied on M15, M30, and H1 charts. Ideal for short-term and intraday trading.
Buy Entry Rules
- Price breaks above the middle or outer upper band of the Triple Bollinger Bands.
- A buy arrow appears from the Buy Sell Trend Value Indicator, confirming trend direction.
- Enter a long position after both conditions are met and the candle closes above the mid-band.
- Set stop-loss just below the middle Bollinger Band or recent swing low.
- Target the outer upper band or use a fixed 1.5–2x risk-to-reward ratio.
Sell Entry Rules
- Price breaks below the middle or outer lower Bollinger Band.
- A sell arrow appears from the Buy Sell Trend Value Indicator, confirming the bearish signal.
- Enter a short trade on the close of the confirmation candle.
- Place a stop-loss above the middle band or the nearest swing high.
- Set take-profit at the lower outer band or based on risk-reward objectives.
Strategy Tips
- Use the inner band zone for range conditions and wait for outer band breaks during trending periods.
- Only take signals in the direction of the Buy/Sell arrow to avoid false entries.
- Use a higher timeframe (H1 or H4) as a trend filter for more accurate signals.
Conclusion
Combining the volatility-based breakout logic of the Triple Bollinger Bands Indicator with the directional accuracy of the Buy Sell Trend Value Indicator results in a powerful system.
It works well in both trending and breakout environments, offering a reliable method to enter and manage trades.
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the TripleBolling_Modified.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
