My Bollinger Bands Alert
Info
The My Bollinger Bands Alert is a Indicator for MetaTrader 5 that arrow displays can be set in the indicator when the price touches or crosses the upper/lower bands. This is a simple modification to an existing indicator, created to address a specific request.
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 My Bollinger Bands Alert
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
Arrow displays can be set in the indicator when the price touches or crosses the upper/lower bands.
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: Session TWAP: Time-Weighted Average Price with Deviation Bands - another powerful indicator for MetaTrader 5 traders.
Arrow displays can be set in the indicator when the price touches or crosses the upper/lower bands.Also recommended: GDS Renko Canvas with Bollinger Bands - similar indicator with strong performance on MetaTrader 5.
This is a simple modification to an existing indicator, created to address a specific request. It is one of my early programming attempts in MQL5, shared for educational purposes.
Recommendations:
- A text instruction for SMTP setup is included in the attached zip file, along with two WAV sound files for use with the indicator.
- Ensure the WAV files are placed in the default MetaTrader 5 sound folder (typically C:/Program Files/<your_mt5_folder>/sounds).
- You can either change the WAV file names in the source code and recompile or rename the desired WAV files to match the names used in the code.
- If arrow display is enabled, minimize the Bollinger Bands deviation value for optimal indicator performance.
You may also like: Reverse RSI Bands Indicator - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#include <movingaverages.mqh>
#property indicator_chart_window
#property indicator_buffers 6
#property indicator_plots 5
#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.