projection bands
Info
The projection bands is a Indicator for MetaTrader 5 that the indicator was first proposed by mel widner ("technical analysis of stocks & commodities" magazine, july 1995). along with similar indicators, such as price channels, envelopes or bollinger bands, it allows you to define the borders of price ranges.
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 projection 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
the indicator was first proposed by mel widner ("technical analysis of stocks & commodities" magazine, july 1995).
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: Bands Stoch RSI Extreme Reversal Signals - another powerful indicator for MetaTrader 5 traders.
the indicator was first proposed by mel widner ("technical analysis of stocks & commodities" magazine, july 1995). along with similar indicators, such as price channels, envelopes or bollinger bands, it allows you to define the borders of price ranges.
Also recommended: B Bands Psar Indicator - similar indicator with strong performance on MetaTrader 5.
the indicator has one customizable parameter:period
- calculation period.
calculation:
where:
slopehigh - regression line slope of high prices in the period range;
slopelow - regression line slope of low prices in the period range.
interpretation:
when the price reaches the upper border, it is considered to be at the resistance level. the market is overbought;
when the price is located on the lower border, the market is oversold.
in order to sort out signals, use a a detrending oscillator to exclude the trend component, since overbought/oversold levels may be constantly updated by new prices during strong trends, which leads to false signals and losses.
You may also like: bollinger bands 3 sigma - excellent alternative for indicator users on MetaTrader 5.
Source Code
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⚠ 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.