The BB Analyzer V2 Forex indicator for Metatrader 4 transforms price data into a beautifully colored Bollinger Bands indicator with amazing buy & sell trade areas.
The indicator appears in the main chart window as Bollinger Bands with green & red colored areas that give you an early indication of a trend reversal.
It’s a versatile indicator that can be used in many different ways.
Key Points
- Bollinger Bands indicator.
- Identifies trend reversals.
- Can be used for trade entries & exits.
Free Download
Download the “bb-analyzer-v2-indicator.ex4” MT4 indicator
Indicator Chart (AUD/USD M5)
The AUD/USD 5-minute chart below shows the BB Analyzer V2 Forex indicator in action.
Basic Trading Signals
Signals from the BB Analyzer V2 Forex indicator for Metatrader 4 are easy to interpret and go as follows:
BUY:
- Open a buy position when the green BB Analyzer area appears on the chart.
- Place a stop loss 2-5 pips below the lower Bollinger Band.
- Exit the buy trade for 1.5 risk-to-reward or better.
SELL:
- Open a sell position when the red BB Analyzer area appears on the chart.
- Place a stop loss 2-5 pips above the upper Bollinger Band.
- Exit the sell trade for 1.5 risk-to-reward or better.
BB Analyzer V2 + Super Scalper Indicator Forex Scalping Strategy
This scalping strategy combines the BB Analyzer V2 Indicator for MT4 and the Super Scalper Indicator for MT4.
With the BB Analyzer V2, you identify the trend direction: when the histogram turns green, it indicates a bullish trend, and when it turns red, it signals a bearish trend.
The Super Scalper Indicator provides precise entry signals via its colored lines: a blue line for a buy signal and a yellow line for a sell signal.
By aligning trend direction with a sharp entry signal, you can scalp small moves with better odds.
This setup is designed for short‑term trades on M5 to M15 charts.
Because scalping demands quick execution, the rules are simple and the focus is on fast entries and exits.
Buy Entry Rules
- Confirm the BB Analyzer V2 histogram has turned green, signaling a bullish trend.
- Wait for the Super Scalper line to turn blue, indicating a buy entry signal.
- Enter a buy trade at the close of the candle that confirms both signals.
- Set a stop loss about 8–12 pips below the recent swing low (adjust according to pair volatility and timeframe).
- Take profit rule: Option A — fixed target of say 15‑20 pips.
- Option B — dynamic: close half the position at +10 pips, move stop to breakeven, then let the remainder run to +25‑30 pips or exit when the line turns yellow (sell) or the BB Analyzer turns red.
Sell Entry Rules
- Confirm the BB Analyzer V2 histogram has turned red, signaling a bearish trend.
- Wait for the Super Scalper line to turn yellow, indicating a sell entry signal.
- Enter a sell trade at the close of the confirming candle.
- Set a stop loss about 8–12 pips above the recent swing high.
- Take profit rule: Option A — fixed target of 15‑20 pips.
- Option B — close half at +10 pips, move stop to breakeven, let the rest run to +25‑30 pips or exit when blue line appears or BB Analyzer turns green.
Advantages
- Combines a trend‑filter (BB Analyzer V2) with a precise entry trigger (Super Scalper), improving the probability of success.
- Scalping timeframe means quick trades, less exposure to overnight risk.
- The dynamic take-profit option allows more flexibility and potential upside while managing risk.
Drawbacks
- High frequency of trades may lead to over‑trading if you don’t stick to rules and skip low‑quality setups.
- Tight stops typical of scalping make you vulnerable to spread widening or slippage, especially with slower brokers.
- Requires full attention while scalping; distractions or slow responses reduce effectiveness.
Case Study 1 – EURUSD (M5 Chart)
In the early London session, EURUSD showed the BB Analyzer histogram turned green.
Shortly afterwards, the Super Scalper line turned blue, signaling buy.
A long position was opened at 1.1050 with a stop loss at 1.1040 (10 pips).
Using the dynamic take profit rule: half closed at +10 pips at 1.1060, stop moved to breakeven, the remainder ran to +25 pips and closed at 1.1075.
The trade delivered +25 pips in about 20 minutes.
Case Study 2 – USDJPY (M15 Chart)
In the New York session, USDJPY showed the Bollinger Bands Analyzer histogram red (bearish trend).
The Super Scalper line turned yellow, indicating a sell entry.
A short was entered at 149.20 with a stop loss at 149.32 (12 pips).
Following the fixed target option, the trade aimed for +20 pips and closed at 149.00.
The move was completed within 30 minutes.
Strategy Tips
- Trade major pairs with low spreads and good liquidity to reduce cost and slippage.
- Avoid trading around major news announcements where sudden spikes and reversals may hurt scalping setups.
- Consider monitoring a higher timeframe (H1 or H4) to ensure you’re trading in the direction of the broader trend, which may help reduce false signals in scalps.
The BB Analyzer V2 + Super Scalper MT4 Scalping Strategy offers a structured, high‑speed approach to currency trading.
It’s well-suited for traders who remain actively engaged at the screen and execute quickly during peak market hours.
Download Now
Download the “bb-analyzer-v2-indicator.ex4” MT4 indicator
Adjustable Parameters & Settings
Periods, deviation, method to smooth, periods to smooth, slope, percent, colors, width, style.
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
More Info About This Indicator
Supported currency pairs: Any
Trading Platform: Metatrader 4 (MT4)
Time Frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: Bollinger Bands
