Double Bolling Band Signal
Double Bolling Band Signal MT5 indicator for multiple cycles. The indicator helps to identify potential trading opportunities in different time frames.
1.Overview
The Double Bollinger Band Strategy makes use of two Bollinger Bands in order to filter entries and exits in the forex market.
The strategy aims to enter Buy (Sell) trades when price crosses above (below) 3σ (2 standard deviation . The strategy also
considers 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).
| 3. Sell entry | ||||||||||||||||
| Open a Sell order When these 2 conditions are met : | ||||||||||||||||
| – Condition 1: the Bid price crosses below the 3σ lower Bollinger Band (BB3LO). | ||||||||||||||||
| – Condition 2: if condition 1 is OK. Check if the current price is within the range of the 2σ lower Bollinger Band (BB2LO) and 2σ upper Bollinger Band (BB2UP). | ||||||||||||||||
How to install Double Bolling Band Signal Indicator in MetaTrader 5 Forex Trading Platform?
- Extract the downloaded Double Bolling Band Signal Indicator.zip file.
- In the MetaTrader 5 trading platform, go to the “File” menu and click “Open Data Folder”.
- Navigate to the MQL5 folder and open the Indicators folder.
- Paste the Double Bolling Band Signal Indicator.ex5 file(s) into the Indicators folder.
- Restart the MetaTrader 5 platform.
