The Bollinger Band Width Delta Forex indicator for Metatrader 5 transforms the Bollinger Bands into a buy/sell technical scalper oscillator.
The indicator pops-up in a separate chart window as an oscillator that provides short-term trend direction.
It also incorporates the delta period in its calculations for more accurate future trend direction..
How to identify bullish and bearish market sentiment with the Bollinger Band Width Delta indicator?
- A bullish trend occurs when the indicator crosses back above zero.
- A bearish trend occurs when the indicator crosses back below zero.
The indicator contains the following inputs and parameters: BB period, BB deviation, delta period, applied price, show data in percentage.
Make yourself familiar with this technical indicator and test it first on a demo account before using it on live trading account.
It supports all time frames and Forex pairs.
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The following chart shows how the Bollinger Band Width Delta indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Bollinger Band Width Delta Forex Indicator?
Find a simple trading example below:
- A buy signal is given when the indicator crosses back above zero from below.
- Open a buy order and place your stop loss 3 pips below short-term support.
- Close the long trade for a risk/reward ratio of at least 1:1, or wait for a sell signal.
- A sell signal is given when the indicator crosses back below zero from above.
- Open a sell order and place your stop loss 3 pips above short-term resistance.
- Close the short trade for a risk/reward ratio of at least 1:1, or wait for a buy signal.
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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 Bollinger_Bandwidth_Delta.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