Bollinger Band is one if the most useful indicators if used properly. TrendGuard used the parameters based on Bollinger to create a tool that can help traders enter trades at most optimal level.
The indicator is useful to all traders since it checks for retracements and changing trend direction. With this indicator, you get the opportunity to open trades early and also lock your profits based on the dotted trend lines that form after a certain level of Bollinger band.
We have simplified the indicator be eliminating most input details for any trader to experience the benefits.
Advantages
- Shows you when to enter a trade and lock your profit
- Allows you to add tight stop loss. You just add the SL just above the trendline if you have an active sell or below the trendline if it is a buy.
- Exit your trades early incase of ranging market. If the trade lock trendlines form close to the trade entry areas, the market has started to range,therefore, exit early.
- Can act as Support/Resistance
Settings
-Preset Trading Mode: Select the trading modes.
You can select from the dropdown menu the following predefined trading modes-
1. Light Trader (Fewer trading signals with a higher custom period)
2. Aggressive Trader (Has more signals compared to Light Trader)
3. Big Fisher (Looks for signals on extreme levels. Scan for breakouts or reversals).
4. Bollinger Pulse (This shows the signals when Bollinger busts after a period of quietness). Just before breakouts and SL hunts before change in trend. Not for synthetic indices.
5. "Use my inputs", the indicator used the BBand values you input.
See how TrendGuard indicator works: https://www.youtube.com/watch?v=6RdH0gOlIGs
-Bollinger Band Period: Add BBand period
-Deviations: Add BBand deviations
-Extend Trading Area: This feature extends the trendlines to the right.
-Ray Lines to Left [For 3 & 4]: Extend the channels to future dates to act as S/R
-Show Lock Profit: It shows areas where you should lock trades. Works for for selections 1,2,and 5
Link to MQL5 Store: https://www.mql5.com/en/users/pipmontra/seller
