BBands Stop v1 - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources
BBands_Stop_v1 trend indicator is for Bollinger Bands® . It can be used to detect trend changes and place stop-loss orders. It's very descriptive and easy to use.
Tips for using indicators:
When the chart crosses the Bollinger Bands, the indicator changes color, indicating a market trend reversal. Green dots represent buys and orange dots represent sells. Stop loss is set above/below the point. This indicator shows good results during trends but starts giving wrong signals during sideways movements. Therefore, it is recommended to use this indicator together with some other filtering indicators.
The indicator was first implemented in MQL4 and published in the code base on mql4.com on September 27, 2007.
Attachment download
📎 bbands_stop_v1.mq5 (12.95 KB)
Source: MQL5 #614
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