How to use MT5/MT4
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Titan_ColorBands is an indicator that changes the chart’s background color based on the state of the Bollinger Bands.
It is a convenient tool that allows you to instantly grasp the trend conditions at a glance.
This indicator switches the chart background to one of three states based on the relationship between the closing price, the Bollinger Bands (±2σ), and the simple moving average (SMA).
A bullish state is determined from the time the closing price crosses above the SMA and then above the +2σ band, until it crosses back below the SMA.
A bearish state is determined from the time the closing price crosses below the SMA and then below the -2σ band, until it crosses back above the SMA.
A neutral state is determined as the period after State 1 or State 2, where the closing price crosses the SMA again but has not yet entered either of the other two states.
[Indicator Display Example]
This indicator works only with the Windows versions of MT5 and MT4 provided by TitanFX.
Indicator Terms of Use
Only those who agree to all the following items may use the indicators distributed on this website (https://research.titanfx.com):
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.
5.Indicators should only be used by customers who have downloaded them. Transferring or selling the indicators to third parties is prohibited.
| Variable Name | Description | Default |
|---|---|---|
| Period | Specifies the period for the Bollinger Bands. | 20 |
| Standard Deviation | Specifies the standard deviation of the Bollinger Bands to display. | 2.0 |
| Center Line Color | Specifies the color of the Bollinger Bands’ center line (SMA). | Gold |
| Neutral Color | Specifies the color for the neutral state. | Gray |
| Bullish Color | Specifies the color for the bullish state. | SteelBlue |
| Bearish Color | Specifies the color for the bearish state. | MediumVioletRed |
Not used by this indicator.
