How to use MT5/MT4
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This indicator uses the upper and lower Bollinger Bands to trail lines and determine trends. It identifies an uptrend when the price exceeds the trailed level of the upper band, and a downtrend when it falls below the trailed level of the lower band.
On the chart, during an uptrend, the trailed level of the lower band is displayed, and during a downtrend, the trailed level of the upper band is displayed, serving as a reference for trend reversals and stop-loss orders.
【Overlay of Normal Bollinger Bands (±2σ, green line)】
As this indicator continually signals entries for rising and falling markets, it can frequently produce false signals in choppy markets. Verifying whether the recent range has been clearly broken can enhance the accuracy of trend analysis.
【Example of a Clear Break and Trend Development】
※ This indicator only works with the Windows version of TitanFX's MT5 and MT4.
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1.The indicators and related descriptions are based on various data believed to be reliable, but their accuracy and completeness are not guaranteed.
2.The data displayed by the indicators do not guarantee your investment results. Also, the displayed content may vary due to market conditions and communication environments.
3.Please make investment decisions using indicators at your own risk. We are not responsible for any disadvantages or damages arising from the use of indicators.
4.Specifications of the indicators are subject to change without notice. Changes will be announced on the indicator description pages, etc.
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| Variable Name | Description | Default |
|---|---|---|
| Timeframe | Select the timeframe for the Bollinger Bands. 'current' uses the chart's timeframe. | current |
| Period | Set the period for the Bollinger Bands. | 20 |
| Deviations | Set the number of deviations for the Bollinger Bands. | 2 |
| MA method | Choose the type of moving average for the Bollinger Bands. | Simple |
| Price field | Select the price type used to calculate the Bollinger Bands. | Close Price |
| MT5 | MT4 | Description |
|---|---|---|
| Upper Stop | 0 | Color, thickness, and style of the upper line |
| Lower Stop | 1 | Color, thickness, and style of the lower line |
