BBands_Stop_v1 trend indicator is a modification of Bollinger Bands ®. It can be used for detecting a trend change, as well as for setting stop orders. It is quite descriptive and easy to use.
Tips for using the indicators:
The indicator changes its color when the chart crosses Bollinger Bands showing trend reversal on the market. Green dots are for buying, orange ones are for selling. Stop-losses are set above/below the dots. The indicator shows good results during a trend but starts to give false signals in case of a flat. Therefore, it is recommended to use this indicator together with some other, filtering indicators.
This indicator was first implemented in MQL4 and published in CodeBase at mql4.com 27.09.2007.
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/614
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