Bollinger Bands with pre outer band smoothing
This tool for MetaTrader 5 is specifically engineered to streamline your trading operations. 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 Bollinger Bands with pre outer band smoothing
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
The premise of this Bollinger Bands indicator is that the outer bands can be individually controlled via smoothing. Changing the smoothing period on the upper band does not have to reflect any change on the lower band, and likewise changing the smoothing period on lower band does not have to reflect any change on the upper band. The idea is to give you ultimate control of smoothing the outer bands.
The PRE smoothed BB makes the standard deviation on separate MAs (and it's based on the original BB calculation).
"Additive outer band smoothing" when set to true means that the smoothing period is added to the Bollinger Bands period that is set. When set to false, it uses its own period which is not related to the period value of the middle line.
The pre band smoothing is quite simple, it is just adding an extra MA period on an outer band in the Bollinger Bands. It is your stereotypical Bollinger Bands but with added control.
