Fractional Bands for Metatrader 5 is a Forex indicator that can deliver both trade entry signals and take profit targets for any currency pair.
The bands indicator appears as 3 colored lines in the main price chart.
Generally speaking, wide Fractional bands indicate higher volatility while narrower Fractional bands indicate less volatility.
How to identify market trends with this technical tool?
- The market trend is bullish when the Fractional bands are sloping up.
- The market trend is bearish when the Fractional bands are sloping down.
The following indicator inputs and parameters can be modified: period of bands, speed, colors.
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 Fractional Bands indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Fractional Bands Indicator?
Find a simple trading example below:
- A buy entry signal is confirmed when the candle touches the middle purple band from above.
- The Fractional bands should be trending up.
- Open a buy trade and place your stop loss below the lower magenta colored support line.
- Close the buy trade when the candle reaches the upper blue colored resistance line.
- A sell entry signal is confirmed when the candle touches the middle purple band from below.
- The Fractional bands should be trending down.
- Open a sell trade and place your stop loss above the upper blue colored resistance line.
- Exit the sell trade when the candle reaches the lower magenta colored support line.
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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 Fractional_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