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Bollinger Bandwidth

Know how to anticipate huge price movements using the Bollinger Bandwidth MT4 indicator. Trade the Bollinger band squeeze pattern effectively using this indicator. Have a better risk management and benefit from high volatile price movements.

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Description

The Bollinger bandwidth MT4 indicator provides a good measure of forex market volatility. Ideally, this indicator derives the data from the classic Bollinger bands indicator. According to John Bollinger the low volatility periods or a squeeze is often followed by high volatility. So, using the indicator forex traders can identify the current market volatility and anticipate huge price fluctuations after the squeeze.

Features of Bollinger Bandwidth MT4 Indicator

The indicator plots the changes in bandwidth as a line chart in a separate indicator window.  By default, Bollinger bands indicator has an upper band, lower band and mid band. The mid band is a 20 period moving average and the upper and lower bands are a standard deviation value of + and -2 of the mid band. The distance between the upper and lower bands is the bandwidth of the Bollinger Band.

It does not provide buy or sell forex trading signals. Though this indicator is non-directional it helps traders to anticipate price movements. So, traders should use other technical indicators to identify the potential direction of price movement.

Generally, low volatility occurs due to lack of trading interest before a high impact economic news release. However, if the squeeze happens during market holidays then traders should ignore the squeeze.

Benefits of Bollinger Bandwidth MT4 Indicator

The Bollinger bands contract during times of low volatility and expand during high volatile market conditions. There are many trading strategies using the Bollinger bands; however this indicator helps forex traders to take advantage of the Bollinger band squeeze trading strategy.

Knowing that the price is expected to make a huge move, traders can prepare a trade plan to accommodate the risk and reward associated with it. This includes adjusting the lot sizes to include a wider stop loss.

Indicator Settings Description

BBPeriod:, StdDeviation: Input for Bollinger bands calculation.

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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:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. 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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