The Bollinger Bands is a popular forex indicator that is widely used by traders on the MT4 platform. It is a useful tool for analyzing market volatility and identifying potential trend reversals. The indicator consists of three bands – a middle band and two outer bands that are plotted two standard deviations away from the middle band. Traders can use the Bollinger Bands to identify overbought or oversold conditions in the market. When the price touches or exceeds the outer bands, it is considered a signal that the market may be overextended and due for a reversal. Conversely, when the price bounces off the middle band, it can indicate a continuation of the current trend. The BO Bollinger Bands indicator is a free version available for download, making it accessible to all traders looking to enhance their trading strategies.
MT4
BO Bollinger Bands
BO Bollinger Bands Indicator is a useful forex indicator for MT4. It is popular among traders for its accuracy in predicting market trends. This free indicator works by calculating price volatility and plotting bands around the price chart. Traders can use it to identify overbought or oversold conditions and potential trend reversals. It is user-friendly and a valuable tool for forex trading analysis.
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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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