bo di
Info
The bo di is a Indicator for MetaTrader 5 that real paladin80 the principles of plotting this indicator, calculation formula, interpretation, algorithm for expert advisors and suggested parameters are described in the forex magazine №438. this indicator is calculated as the difference between the upper and lower bollinger bands.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use bo di
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
real paladin80 the principles of plotting this indicator, calculation formula, interpretation, algorithm for expert advisors and suggested parameters are described in the forex magazine №438.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Quantora Account Health Monitor MT5: Professional Account Health and Risk Monitoring - another powerful indicator for MetaTrader 5 traders.
Also recommended: Quantora Trading Session Monitor MT5: Professional Market Session and Activity Analysis - similar indicator with strong performance on MetaTrader 5.
real
paladin80
the principles of plotting this indicator, calculation formula, interpretation, algorithm for expert advisors and suggested parameters are described in the
forex magazine №438
.
this indicator is calculated as the difference between the upper and lower
bollinger bands
. you may find that during upward or downward impulse movement of the price the bands expand (the difference between them increases), and when the movement fades they narrow (the difference decreases). in my opinion, it is impossible to use this for determining the start of the movement, as it becomes evident only at the end.
narrowing of the bollinger bands channel often coincides withe the moment of lull in the battle between bears and bulls, and this last moment can be utilized for searching the end point of the movement. the bodi indicator displayed in a separate window of the chart as a histogram.
this indicator was first implemented in mql4 and published in codebase at mql4.com on 17.08.2012.
fig1. the bodi indicator
You may also like: Quantora Symbol Information Dashboard MT5 - Professional Symbol and Trading Specifications Panel - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.01"
#property indicator_separate_window
#property indicator_buffers 2
#property indicator_plots 1
#property indicator_type1 draw_color_histogram
#property indicator_color1 clrdeeppink,clrgray,clrdodgerblue
#property indicator_style1 style_solid
#property indicator_width1 2.......
⚠ 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.