The custom Bollinger Bands indicator is a useful tool for forex traders using the MT4 platform. This popular indicator is widely used by traders to analyze market volatility and identify potential trends. Bollinger Bands are a type of technical analysis tool that consists of a moving average line with two standard deviation lines above and below it. This custom indicator allows traders to adjust the settings to suit their specific trading strategy and preferences. It provides valuable information on overbought and oversold conditions, as well as potential entry and exit points. Traders can use Bollinger Bands to confirm market trends, identify reversals, and set stop loss and take profit levels. Best of all, this custom Bollinger Bands indicator is free to download and use on the MT4 platform, making it a valuable resource for forex traders of all experience levels.
MT4
Custom Bollinger Bands
The Custom Bollinger Bands Indicator is a useful forex indicator for MT4 that is popular among traders. It is free to use and helps in identifying potential price breakouts and trend reversals. The indicator works by plotting bands around the price action, showing levels of support and resistance. Traders can use it to make informed decisions about their trades.
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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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