This indicator takes the current Width of the Bollinger Bands and compares it to the Maximum and Minimum Width of the Bollinger Bands over N periods (WidthCalcPeriod).
If the calculated percentage is less than or equal to MinRangePercent, then the histogram shows Green. If the calculated percentage is 2x the MinRangePercent, then the histogram shows Yellow. If neither of those match, the histogram shows Red.
This works out well to quickly see if the currency pair is ranging, or about to break out of range. If you set ShowWidthLine to true, then it will also show a line with the actual width of the Bollinger Bands in PIPS. This should work for 4 and 5 digit brokers and it works on all currency pairs.
MT4 Indicators – Download Instructions
Welch Bollinger Band ® Width is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
Welch Bollinger Band ® Width 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 Welch Bollinger Band ® Width.mq4?
- Download Welch Bollinger Band ® Width.mq4
- Copy Welch Bollinger Band ® Width.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 Welch Bollinger Band ® Width.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator Welch Bollinger Band ® Width.mq4 is available on your Chart
How to remove Welch Bollinger Band ® Width.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: Welch Bollinger Band ® Width