The Q Bands Forex indicator for Metatrader 4 works similar to the popular Bollinger Bands indicator and provides easy to understand buy and sell signals.
The Q Bands indicator for MT4 draws 3 yellow colored bands on the trading chart.
Two outer bands and the middle band.
General Assumptions:
- The market is trending up when the Q Bands are sloping up.
- The market is trending down when the Q Bands are sloping down.
Trade Logic:
- A buy signal occurs when the Q Bands are sloping up and price touches the lower yellow band.
- A sell signal occurs when the Q Bands are sloping down and price touches the upper yellow band.
The indicator works on all trading instruments (Forex, CFD stocks, Indices, Cryptocurrencies, Commodities,..).
Free Download
Download the “bands-q-indicator.mq4” indicator for MT4
Indicator Example Chart (EUR/USD H1)
How to trade with it (example)?
Execute a buy trade when the Q Bands are sloping up and the candlestick touches the lower yellow Qband.
Execute a sell trade when the Q Bands are sloping down and the candlestick touches the upper yellow Q band.
Exit the trade for a risk to reward ratio of 1.2 or better, or for a fixed profit target of your preference.
Place your stop loss above or below the outer Q bands.
Indicator Specifications
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Input Parameters: Bands period, bands method, bands price, bands deviations, price type, color settings & style
Indicator type: trend
Repaint? Does not repaint the Q Bands.
Download Now
Download the “bands-q-indicator.mq4” indicator for Metatrader 4
Installation:
Open the Metatrader 4 platform
From the top menu, click on “File”
Then click on “Open Data Folder”
Then double click with your mouse button on “MQL4”
Now double click on “Indicators”
Paste the bands-q-indicator.mq4 indicator in the Indicators folder.
Finally restart the MT4 platform and attach the indicator to any chart.
How to remove the indicator?
Click with your right mouse button in the chart with the indicator attached onto it.
Select “Indicator List” from the drop down menu.
Select the indicator and press delete.
How to edit the indicator’s inputs and parameters?
Right click with your mouse button in the chart with the indicator attached onto it.
From the drop down menu, click on indicators list.
Select the indicator from the list and press edit.
Now you can edit the indicator.
Finally, press the OK button to save the updated configuration.
