The Sigma Bands forex Metatrader 4 indicator is an advanced Bollinger Bands indicator with a lot of options to choose from.
This indicator has the ability to plot Bollinger bands based on the following types of moving average:
- Simple moving average
- Exponential moving average
- Smoothed moving average
- Linear-weighted moving average
In up trending markets, the Sigma Bands will point upwards and traders look to open a buy position near the lower support Signam bands.
Vice versa, in down trading markets, the Sigma Bands will point downwards and traders look to open a sell position near the upper Sigma resistance bands.
This is a good indicator for all kind of trading styles.
Free Download
Download the “Sigma_Bands.mq4” MT4 indicator
Example Chart
The AUD/USD H4 chart below displays the Sigma Bands forex indicator in action.
Basic Trading Signals
The Sigma Bands indicator can be traded as follows:
Buy Trade: In an uptrend, look to buy near the lower bands (support)
Sell Trade: In an downtrend, look to sell near the upper bands (resistance)
Trade exit: For long trades, look to take profits near the upper Sigma Bands (resistance)
For short trades, look to take profits near the lower Sigma Bands (support)
Download
Download the “Sigma_Bands.mq4” Metatrader 4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (MA Period, Bars for count, Type MA for Bands, Applied price MA, MA color) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: Bollinger Bands
Installation
Copy and paste the Sigma_Bands.mq4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)