The Quantile Bands version 1.5 indicator for Metatrader 5 helps beginner traders predict future Forex trends and gives them ready-to-use trading signals.
It’s composed of three bands: an upper band, a middle band, and a lower band.
The middle band has three different colors and works as follows:
- A green colored middle band suggests a buying opportunity.
- A orange colored middle band suggests a selling opportunity.
- A gray colored middle band suggests a sideways trend.
The following indicator inputs and parameters can be modified: time frame Quantile period, period for high/low finding, upper band percent, middle band percent, lower band percent, interpolate in multi time frame mode?
The Quantile Bands indicator can be used as a standalone buy and sell technical indicator.
Become familiar with this tool and give it a thorough test on a demo account for an extended period.
This indicator is useful, easy to use, and can help you make smart decisions when buying and selling currency pairs.
It supports all time frames and Forex pairs.
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The following chart shows how the Quantile Bands 1.5 Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Quantile Bands 1.5 Indicator?
Find a simple trading strategy below:
- The green line creates a buy signal (see chart example above).
- Open a buy trade and set a stop loss below short-term support.
- Exit the buy position when the line color reverts back to orange.
- The orange line creates a sell signal.
- Open a sell trade and place a stop loss above short-term resistance.
- Exit the sell position when the line color reverts back to green.
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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_1.5.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