Val Bands V3 Oscillator Download for MetaTrader 4 – Free – [TFlab]

The Val Bands V3 indicator uses Bollinger Bands and colored histograms to provide insights into trend strength and buy and sell trading signals.

This trading tool calculates Bollinger Bands based on candle length. The histogram generated by this indicator conveys different market information to traders through different colors.

Val Bands V3 Oscillator Spec Sheet

The specifications of the Val Bands V3 indicator are as shown in the table below:

Val Bands V3 indicators at a glance

In this indicator, the yellow histogram represents sideways markets, while the light blue bars indicate a mild bullish trend. Dark blue bars indicate strong upward movement.

On the other hand, the pink bars indicate a mild bearish trend and the red bars highlight strong downward momentum.

bullish trend conditions

According to the analysis of the NZD/USD currency pair on the 1-hour time frame, the appearance of the first blue bar closing above the Bollinger Bands represents an excellent opportunity to enter long positions.

The formation of dark blue bars further confirms the strength of the bullish trend.

Bearish trend conditions

According to the analysis of the AUD/USD currency pair on the 30-minute time frame, two red bars closing above the Bollinger Bands indicate a strong bearish signal.

The first color change in the histogram bar can be interpreted as a sell signal. Furthermore, the increase in height and frequency of pink and red bars confirms the strength of the downward trend.

Val Bands V3 Indicator Settings

The settings for the Val Bands V3 oscillator are as follows:

• Bands Period: Bollinger Bands calculation period
• Bands Method: Calculation method of Bollinger Bands Average
• Bands Deviation: Standard deviation coefficient used to plot upper and lower limits
• Bands Shift: The displacement of Bollinger Bands
• Show Bands: Toggle showing or hiding bands
• Lookback: number of previous candles used for calculation

Conclusion

The Val Bands V3 oscillator is designed to evaluate candle lengths and apply it to detect trends and volatile areas in the market.

With colored histograms, this tool clearly identifies trend strength, reversal areas, and trade entry and exit points.

This oscillator is suitable not only for the Forex market but also across cryptocurrencies , stock indices and commodities.