custom bollinger bands
Info
The custom bollinger bands is a Indicator for MetaTrader 5 that i developed this indicator to provide an alternative to the standard moving average methods in the metatrader 5 bollinger bands indicator, which only offer the 'simple' method. with my indicator, users have the option to select from additional methods including exponential, smoothed, and linearweighted.
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 custom bollinger 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
i developed this indicator to provide an alternative to the standard moving average methods in the metatrader 5 bollinger bands indicator, which only offer the 'simple' method.
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: bollinger bands 3 sigma - another powerful indicator for MetaTrader 5 traders.
i developed this indicator to provide an alternative to the standard moving average methods in the metatrader 5 bollinger bands indicator, which only offer the 'simple' method. with my indicator, users have the option to select from additional methods including exponential, smoothed, and linearweighted.
Also recommended: custom macd indicator for metatrader 4/5 - similar indicator with strong performance on MetaTrader 5.
to utilize this indicator, you need to place it in a directory (on windows) resembling the following path:c:\users\lucas\appdata\roaming\metaquotes\terminal\indicators\examples
added features:
it is set to zero by default:
example of execution opting for the average of linearweighted:
code:
You may also like: adx wilder with bollinger bands - excellent alternative for indicator users on MetaTrader 5.
Source Code
яю//+------------------------------------------------------------------+
#property copyright "RobotFX"
#property link "https://robotfx.org"
#property description "Educational code - RobotFX www.robotfx.org"
#include <MovingAverages.mqh>
#property indicator_chart_window
#property indicator_buffers 4
#property indicator_plots 3
#property indicator_type1 DRAW_LINE
#property indicator_color1 LightSeaGreen.......
⚠ 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.