Bollinger band is one of the famous indicator. But it’s implication of 3 lines confuse sometimes and one can not take proper action on time. So, here is the modified version of Boolinger band. You’ll get single line here.
Usage is simple. Buy when price closes above red line and you see blue line. Sell when price closes below blue line and you see red line. The sample image below is self-explanatory. The chart is latest EURUSD pair on H4 time frame. You can easily spot the starting of bull run and now starting of bearish phase.
Lastly, I’ve modified the code to great extent. It was originally by TrendLaboratory. So, the basic coding credit goes to them.
MT4 Indicators – Download Instructions
Doda-Bollinger Bands is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
Doda-Bollinger Bands provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install Doda-Bollinger Bands.mq4?
- Download Doda-Bollinger Bands.mq4
- Copy Doda-Bollinger Bands.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on Doda-Bollinger Bands.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator Doda-Bollinger Bands.mq4 is available on your Chart
How to remove Doda-Bollinger Bands.mq4 from your Metatrader 4 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
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MT4 Indicators Download here: Doda-Bollinger Bands