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Bollinger Bands bicolor indicator for MetaTrader allows you to check the volatility of the market. This indicator is an excellent tool for checking out trends, breakouts, and bounces.
The indicator’s bands measure market volatility by using standard deviation. As price volatility increases and decreases, they expand and contract.
This MT4 bicolor indicator displays on the main chart window. It consists of a moving average plus the upper and lower bands. The values for the upper and lower bands are derived from standard moving averages.
This indicator displays market conditions that are tradeable or not. It shows high volatility, which is characterized by rapid expansion of the upper- and lower bands.
Contrarily, low market volatility can be represented by a narrow range. This means you will know when it is time to search for BUY/SELL or trade exits.
The Bollinger Bands bicolor indicator for MT4 can help you identify potential trading opportunities and exits based off the information.
How To Trade With The Bollinger Bands Bicolor Indicator
Bollinger bands bicolor indicator can be used in a variety of trading strategies. It can be used for market conditions such as breakouts, trending, range, bounces, and bounces.
It is suitable for all trading plans, day, intraday, or swing. Professional traders and novice traders will also appreciate its simplicity and precision when placing trades.
Following market sentiments, the color of the outer bands changes between red and green. The moving average between the bands is light sea-green.
It sends a BUY signal when the upper and lower bands turn green and a SELL signal if they turn red.
This chart shows how to trade profitably using this indicator. The above chart shows activity for an EUR/USD pair during the H1 timeframe.
If the bands turn green, you can get high probability bullish setups (BUY).
This principle applies to bearish (SELL). Wait for a candle, preferably a bearish candle, to open, and close below a light-sea average moving average. Also, make sure the bands turn RED before you take a SELL position.
Conclusion
Bollinger Bands bicolor indicator for MT4 will assist you in making high-precision entries. It does all of the technical analysis in background and paints an enter signal on the chart.
Although this indicator can be used by itself, it is best to use it with other indicators that are not correlated, such as price action or non-correlated indicators.
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