double bolling band signal
Info
The double bolling band signal is a Indicator for MetaTrader 5 that 1. overview the double bollinger band strategy makes use of two bollinger bands in order to filter entries and exits in the forex market.
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 double bolling band signal
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
1.
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: Double Envelopes Historical Gauged - another powerful indicator for MetaTrader 5 traders.
1.overview
the double bollinger band strategy makes use of two bollinger bands in order to filter entries and exits in the forex market.
Also recommended: bollinger bands 3 sigma - similar indicator with strong performance on MetaTrader 5.
the strategy aims to enter buy (sell) trades when price crosses above (below) 3σ (2 standard deviation . the strategy alsoconsiders the 2σ (2 standard deviations) standard deviation level of the bollinger bands for making trade decisions.
default paramenters :
2σ bollinger bands (20,2) : the simple moving average (20) and the number of standard deviations (2).
3σ bollinger bands(20,3): the simple moving average (20) and the number of standard deviations (3) .
input paramenters
2. long entry
open a buy order when these 2 conditions are met:
- condition1 : the ask price crosses above the 3σ upper bollinger band (bb3up).
- condition2: if condition1 is ok. check if the current price is within the range of the 2σ upper bollinger band (bb2up) and 2σ lower bollinger band (bb2lo).
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 version "1.00"
#property indicator_chart_window
input int BB_KIKAN=20; // BB period
double waitBB = 0; // Initialize waitBB
datetime prevtime;
int orderPtn=0; // 0: Do nothing, 1: Buy, 2: Sell
double upperBuffer[];.......
⚠ 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.