The Bollinger Bands Envelope Signal indicator for Metatrader 5 delivers trading signals based on Bollinger Bands and envelopes.
The indicator combines both technical indicators and transforms all data into easy to trade buy & sell signal arrows.
- A green colored arrow is a bullish signal.
- A red colored arrow is a bearish signal.
The following indicator inputs can be modified: Bollinger period, deviations, envelope period, send email, push notifications, and audible alerts.
Feel free to experiment with the default indicator settings.
First, familiarize yourself with this technical indicator and test it on a demo account.
It supports all time frames and Forex pairs.
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bb envelope indicator.mq5 Indicator (MT5)
Chart Example
The following chart shows how the Bollinger Bands Envelope Signal indicator looks when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Bollinger Bands Envelope Signal Forex Indicator?
Find a simple trading example below:
Buy Signal
- A bullish signal occurs when the green arrow shows up on the chart.
- Open a buy trade and place a stop loss below immediate support.
- Close the buy trade for a take profit target of your preference or wait for a red arrow.
Sell Signal
- A bearish signal occurs when the red arrow shows up on the chart.
- Open a sell trade and place a stop loss above immediate resistance.
- Close the sell trade for a take profit target of your preference or wait for a green arrow.
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bb envelope indicator.mq5 Indicator (MT5)
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 bb envelope indicator.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