en Bollinger Trend 1.0
Metatrader Indicator (MT4/MT5)
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ℹ Overview
A personal implementation of the famous Bollinger bands indicator as a trend following mechanism, which uses a moving average and the standard deviation to define what a trend is and when it changes. Bollinger bands are usually used as an oversold/overbought indicator only, but in my opinion, the trading approach is more complete using the trend variant as an exit strategy.
- Easy to trade
- Customizable colors and sizes
- It is non-repainting and non-backpainting
- It is fantastic as a trailing stop method
- It implements alerts of all kinds
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Input parameters
When loading the expert to any chart, you will be presented with a set of options as input parameters. Don't despair if you think they are too many, because parameters are grouped into self-explanatory blocks.
- Settings
- Enter the settings for bollinger bands: period and deviation.
- Drawing
- Customize colors and sizes for arrow objects.
- Alerts
- Enable or disable alerts of all kinds.
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FAQ
- Does the indicator repaint?
- No, it does not.
- Does the indicator backpaint?
- No, it does not.
- How is it different from other trend indicators?
- This indicator uses the same elements as bollinger bands to determine the trend, which are a moving averange and the standard deviation using close prices. Other trend following indicators use ATR or just price breakouts to define the trend.
Screenshots
