Sigma Bands Indicator
Info
The Sigma Bands Indicator is a Indicator for MetaTrader 4 that this indicator calculates and plots two channels based on the price movement over a specified number of bars (default 200). The channels represent the limits where the price ranges 68% and 95% of the time, respectively.
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 Indicator
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
This indicator calculates and plots two channels based on the price movement over a specified number of bars (default 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.
This indicator calculates and plots two channels based on the price movement over a specified number of bars (default 200). The channels represent the limits where the price ranges 68% and 95% of the time, respectively.Also recommended: keltner at r bands - similar indicator with strong performance on MetaTrader 4.
The indicator uses a Moving Average (MA) with a period of 1 as a base, but any MA type and period can be chosen for analysis.
Supported MA types:
- Simple MA
- Exponential MA
- Smoothed MA
- Linear-Weighted MA
The channels can be plotted using various price types:
- Close price
- Open price
- High price
- Low price
- Median price (High + Low)/2
- Typical price (High + Low + Close)/3
- Weighted Close price (High + Low + 2*Close)/4
These customization options provide a more flexible alternative to standard Bollinger Bands.
The indicator calculates the standard deviation and sigma values, which can be adapted for other indicators, potentially revealing interesting patterns when applied to indicators plotted in separate windows, such as the RSI.
Note: The difference between Sigma Bands and conventional Bollinger Bands is noticeable when using non-default settings and MA periods greater than 1.
Settings: The MA line is invisible by default. To display it, set a color in the MA color 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.