Bo Di
This software component for MetaTrader 5 is built to enhance the capabilities of your trading environment. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup 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.
Description & Settings
paladin80
The principles of plotting this indicator, calculation formula, interpretation, algorithm for Expert Advisors and suggested parameters are described in the .
This indicator is calculated as the difference between the upper and lower . 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
