The Bollinger Bands Bicolor Indicator is a popular and free Forex indicator for MT4 that can be used to identify price trends. The indicator works by plotting two different colored bands on the chart. The upper band is usually colored red and the lower band is usually colored green. When the price is above the upper band, it is considered to be overbought and when the price is below the lower band, it is considered to be oversold. This indicator can be used to identify potential entry and exit points for Forex traders. The Bollinger Bands Bicolor Indicator is based on the concept of volatility. The bands are calculated by taking the standard deviation of the price over a certain period and then multiplying it by two. The standard deviation is used to measure the amount of variation in the price of a currency pair. The higher the standard deviation, the more volatile the currency pair. The indicator will then plot the upper and lower bands based on this volatility.
MT4
Bollinger Bands Bicolor
The Bollinger Bands Bicolor Indicator is a popular and free Forex indicator for the MT4 platform. This useful indicator is used to identify potential reversals and breakouts in the Forex market. It works by plotting two different Bollinger Bands, one in a red color and one in a blue color, on the same chart. The red band indicates a potential bearish reversal, while the blue band indicates a potential bullish reversal. By using the Bollinger Bands Bicolor Indicator, traders can easily identify potential entry and exit points 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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