The Bollinger Fibo Bands indicator for Metatrader 5 is created using expanded Fibonacci levels as their foundation and it provides buy & sell trading signals.
The indicator shows up in the price chart as a set of bands that can be used for trade entry and take-profit opportunities.
Bollinger Fibo Bands indicator key takeaways:
- The middle blue line serves as buy and sell trend direction.
- Price action above the blue line is considered bullish.
- Price action below the blue line is considered bearish.
- The orange colored upper cloud serves as resistance.
- The blue colored lower cloud serves as support.
The indicator contains the following inputs and parameters: moving averages period, number of standard deviations, price type, shift, history depth.
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 Bollinger Bands on Extended Fibonacci Levels indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Bollinger Bands On Extended Fibonacci Levels Indicator?
Find a simple trading example below:
- A buy signal is confirmed when the candle closes above the blue middle line from below.
- Open a buy order and place your initial stop loss a few pips below the most recent support zone.
- Take profit at the upper orange colored Bollinger Fibonacci cloud.
- A sell signal is confirmed when the candle closes below the blue middle line from above.
- Open a sell order and place your initial stop loss a few pips above the most recent resistance zone.
- Take profit at the lower blue colored Bollinger Fibonacci cloud.
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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_fibo_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