Bollinger Bands Two Color Indicator MT4 Download - Free | Forex Indicator Download - MetaTrader 4 Resources
The Bollinger Bands Two-Color Indicator is a classic advanced version of the Bollinger Bands indicator and is classified under the support and resistance indicators of MetaTrader 4. This indicator is designed to identify breakouts, market direction, and potential price reversal points.
The Bollinger Bands Two Color Indicator consists of a moving average and two dynamic bands of candles above and below.
The main difference from classic Bollinger Bands is the band color changes during bullish and bearish trends.
Bollinger Bands Two-Color Indicator Specification Table
The specifications of Bollinger Bands two-color indicator are as shown in the table below:
| Indicator categories: | MT4 Support and Resistance Indicators Bands and Channels MT4 Indicators MT4 indicator levels |
| Platforms: | MetaTrader 4 Indicators |
| Trading Skills: | Elementary |
| Indicator Types: | Leading MT4 Indicators MT4 Breakout Indicator Reversal MT4 Indicator |
| Time frame: | Multi Time Frame MT4 Indicators |
| Trading Style: | Intraday Trading MT4 Indicators Intraday MT4 Indicators |
| Trading Tools: | Index Markets MT4 Indicators Cryptocurrency MT4 Indicators Forex MT4 Indicators |
Overview of the Bollinger Bands Two-Color Indicator
This indicator includes moving averages and upper and lower bands, and uses standard deviation to measure and calculate Forex market volatility. These levels expand and contract as price fluctuations increase and decrease.
bullish trend conditions
Based on the EUR/USD 1 hour price chart, the market trend is considered bullish when price breaks above the 1 hour chart, the moving average line is upwards, and a bullish candle closes above it.
In a bullish trend, the upper and lower limits turn blue.
Bearish trend conditions
The 4-hour chart of the AUD/USD currency pair shows the Bollinger Bands two-color indicator in a bearish trend.
In this trend, the price breaks below the moving average and the candle closes below it. In this case, the strip turns brown.
Indicator Settings
The details of the Bollinger Bands two-color indicator settings panel in MetaTrader 4 are as follows:
- Chart Theme : Set indicator theme;
- Period : Calculate the period number of the oscillating line 20;
- Deviation : standard deviation value 2.0;
- Shift : The number of units to move the indicator forward or backward.
Conclusion
The Bollinger Bands two-color indicator uses moving averages (MA ) and two dynamic bands to identify upcoming trend moves and breakouts.
This MT4 levels indicator is an updated version of the classic Bollinger Bands.
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