The Asymmetric Bands indicator for Metatrader 5 measures the market state and delivers powerful buy and sell trade opportunities.
Generally speaking, wide asymmetric bands indicate higher volatility while narrower bands indicate less volatility.
How to spot market trends with it?
- The market state is up when the asymmetric bands are sloping up.
- The market state is down when the asymmetric bands are sloping down.
- The middle gray dotted line is used for buy and sell trade entry.
The indicator allows customizing the following settings and parameters: bands period, price, bands average method, bands deviation.
The indicator works for any trading instrument (Forex, Stocks, Indices, Metals, etc.) that can be loaded in the Metatrader 5 platform.
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames and Forex pairs.
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The following chart shows how the Asymmetric Bands Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Asymmetric Bands Indicator?
Find a simple trading example below:
- A buy signal is formed when the candle touches the middle gray line from above while the asymmetric bands are sloping up.
- Open a buy trade and place a protective stop below the lower red band.
- Close the buy trade when price touches the upper green colored asymmetric band (resistance).
- A sell signal is formed when the candle touches the middle gray line from below while the asymmetric bands are sloping down.
- Open a sell trade and place a protective stop above the upper green band.
- Close the sell trade when price touches the lower red colored asymmetric band (support).
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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 Asymmetric bands.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!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration