The Bollinger Forex Trend indicator for Metatrader 5 is a buy/sell technical tool that draws accurate buy and sell BB trend clouds in a bottom chart window.
The indicator also takes market volatility into account and works well for both beginners and seasoned currency traders.
How to identify market sentiment with this tool?
- The green colored Bollinger Bands cloud indicates bullish market sentiment.
- The magenta colored Bollinger Bands cloud indicates bearish market sentiment.
The indicator allows customizing the following settings and parameters: BB line for calculation, BB averaging period, deviation, BB price, period of averaging.
Make yourself familiar with the Bollinger Forex Trend indicator and test it first on a demo account before applying it to a live account.
Keep in mind that its trading performance may fluctuate based on market conditions, so it’s crucial to maintain realistic expectations.
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The picture below illustrates how the Bollinger Forex Trend indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Bollinger Forex Trend Indicator?
Find a simple trading strategy below:
- The appearance of the green colored BB cloud triggers a buy signal.
- Initiate a buy transaction and place a stop below the most recent swing low level.
- Exit the buy trade for a risk to reward ratio of at least 1.5, or wait for the bearish magenta colored BB cloud.
- The appearance of the magenta colored BB cloud triggers a sell signal (see chart example above).
- Initiate a sell transaction and place a stop above the most recent swing high level.
- Exit the sell trade for a risk to reward ratio of at least 1.5, or wait for the bullish green colored BB 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 trend.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