sigma bands
Info
The sigma bands is a Indicator for MetaTrader 4 that specifically, in this indicator i have studied the movement of the price for a certain number of bars (barscount = 200). for this purpose, the ma with a period of 1 was used (maperiod).
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Indicators folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use sigma bands
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
specifically, in this indicator i have studied the movement of the price for a certain number of bars (barscount = 200).
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Indicator works on MetaTrader 4. Place the file in the MQL4/Indicators folder and restart the terminal.
Description & Settings
Related: B Bands Psar Indicator - another powerful indicator for MetaTrader 4 traders.
specifically, in this indicator i have studied the movement of the price for a certain number of bars (
Also recommended: keltner at r bands - similar indicator with strong performance on MetaTrader 4.
barscount = 200). for this purpose, the ma with a period of 1 was used (
maperiod
). for that matter, any ma and any number of bars could have been used for analysis. as a result, two channels will be plotted. one displays the limits where the price ranges 68% of the time for the specified number of bars. the other shows the limits where the price ranges 95% of the time for the specified number of bars.
supported ma types:
simple ma
exponential ma
smoothed ma
linear-weighted ma
prices that can be used for plotting the channel:
close price
open price
the maximum price for the period (high)
the minimum price for the period (low)
median price (high + low)/2,
typical price (high + low + close)/3
weighted close price (high + low + close + close)/4
all these settings are not available for the standard bollinger bands.
by learning how to determine the limits where any indicator or price ranges most of the time, i eneded up with making an example of calculating the standard deviation and sigma implemented as this indicator. its formulas can now be adapted for any indicator you like. sometimes, interesting results can be obtained for indicators that are plotted in separate windows, for example, the rsi, or others.
recommendations:
the difference between conventional bollinger bands and sigma bands can be seen only when using non-default settings and
maperiod > 1
.
settings: the analyzed ma is colorless by default. if you want to see it, set a color in the
macolor
parameter.
You may also like: bbands stop indicator - excellent alternative for indicator users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property strict
#property indicator_chart_window
#property indicator_buffers 7
#property indicator_plots 7
input int maperiod=1; // ma period
input int barscount=200; // bars for count sigma
enum typegraph.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.