The Quantile Bands indicator for Metatrader 5 predicts future currency trends and creates buy and sell signal lines that work out of the box for beginner traders.
The indicator consists of an upper band, middle band and lower band.
The middle band line consists of 3 different colors and tells you when it’s time to buy, sell or simply stand aside and wait.
How to interpret the colored middle line?
- The green colored line represents a buy trend.
- The orange colored line represents a sell trend.
- The gray colored line represents a sideways trend.
The following indicator inputs and parameters can be modified: Quantile period, period for high/low finding, upper band percent, middle band percent, lower band percent.
The Quantile Bands indicator is capable of performing well as a standalone trading tool.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
This trend indicator is valuable, lightweight and could help you to make informed buy and sell trade decisions.
It supports all time frames and Forex pairs.
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The following chart shows how the Quantile Bands Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Quantile Bands Indicator?
Find a simple trading strategy below:
- The green colored Quantile Bands signal line is a buy entry signal.
- Open a buy market order and place a stop below the lower Quantile Band.
- Exit the buy trade for a risk/reward ratio of at least 1.5, or close the trade when price touches the upper Quantile Band.
- The orange colored Quantile Bands signal line is a sell entry signal.
- Open a sell market order and place a stop above the upper Quantile Band.
- Exit the sell trade for a risk/reward ratio of at least 1.5, or close the trade when price touches the lower Quantile Band.
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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 Quantile_bands_-_generalized.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