The Triple Bollinger Bands indicator for Metatrader 5 might give you an early indication when it’s time to open a long or short trade.
It consists of three upper bands and three lower bands, which can function as potential resistance and support levels.
To identify bullish and bearish market trends using this indicator:
- Upward sloping triple Bollinger Bands indicate a bullish market trend.
- Downward sloping triple Bollinger Bands indicate a bearish market trend.
The indicator offers various inputs and parameters, such as time frame, period, MA shift, deviation, price, and colors.
Prior to deploying the Triple Bollinger Bands indicator in real trading, it is advised to demo trade with it until you fully understand how it works.
It supports all time frames and Forex pairs.
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The image below displays how the Triple Bollinger Bands indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Triple Bollinger Bands Indicator?
Find a simple trading example below:
- The triple Bollinger Bands should show a positive slope, indicating a bullish trend.
- Initiate a buy order as soon as the candlestick touches the lower red Bollinger band.
- Exit the buy trade when the candlestick reaches the upper red Bollinger band.
- The triple Bollinger Bands should show a negative slope, indicating a bearish trend.
- Initiate a sell order as soon as the candlestick touches the upper red Bollinger band.
- Exit the sell trade when the candlestick reaches the lower red Bollinger 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 TripleBolling_Modified.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