The Bollinger Bands indicator is a popular and useful tool for forex traders. It is a free indicator that can be downloaded and used on the MT4 trading platform. The Bollinger Bands indicator is used to measure price volatility and provides an indication of the current trend. It consists of three bands: an upper band, a lower band, and a middle band. The upper and lower bands are based on standard deviation of the price, and the middle band is a simple moving average of the price. The Bollinger Bands indicator is used to identify potential buy and sell signals. When the price is near the upper band, it is considered overbought and a potential sell signal. Conversely, when the price is near the lower band, it is considered oversold and a potential buy signal. The indicator can also be used to identify potential support and resistance levels. When the price is near the upper band, it can be used as a resistance level, and when the price is near the lower band, it can be used as a support level. It is free to download and use on the MT4 trading platform and can be used to identify potential buy and sell signals, support and resistance levels, and trends.
MT4
Bollinger Bands
The Bollinger Bands Indicator is a popular and useful Forex indicator for MT4 traders. It is a free indicator that helps traders to identify potential market entry and exit points. This indicator uses a combination of three moving averages to create upper and lower bands that can be used to identify price movements and trends. The bands are adjusted according to the market volatility and can be used to identify overbought and oversold conditions. The indicator is easy to use, and traders can customize the settings to suit their trading style. This indicator is a great tool for any trader looking to gain an edge in the Forex market.
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How to Install
How install MT4/5 indicator in the terminal?
To install an MT4/5 indicator in the terminal, follow these steps:
Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.
Open the MT4/5 terminal and click on “File” in the top left corner.
Select “Open Data Folder” from the dropdown menu.
In the window that opens, double-click on the “MQL4/5” folder.
Double-click on the “Indicators” folder.
Drag and drop the indicator file from your computer into the “Indicators” folder.
Close the data folder window and restart the MT4/5 terminal.
The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.
Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.
And if asks to confirm DLL?
If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.
DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.
If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.
It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.
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