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Bollinger Channel Trader

Bollinger Channel Trader is an indicator designed with the full capabilities to trade the Bollinger Band Channel. This indicator combines price action with the Bollinger channel by scanning Pin-Bar and Engulfing Bar patterns around channel lines. The indicator is also equipped with over 4 filters including Currency Strength Meter to ensure high probability trading.

Developed by John Bollinger, Bollinger Band Channels (a.k.a BBands) is a volatility based channel formulated with a Moving Average and standard deviation calculation. The standard deviation defines the volatility of the channel and thus as volatility increases the channel widens and as volatility decreases, the channel squeezes.


Middle Band = 20-day simple moving average (SMA)

Upper Band = 20-day SMA + (20-day standard deviation of price x deviation)

Lower Band = 20-day SMA - (20-day standard deviation of price x deviation)


  • Bollinger Channel Trader trades breakout and reversal patterns around the channel lines
  • Non-repainting confirmation signals
  • Gives Pre-signals before confirmation signals
  • Over 4 trade filters to ensure high probability trading
    • Currency Strength Meter: Measures the strength of a currency with 28 currency basket. This filters signals with enough momentum to reach target profit
    • Trend Filter: The indicator uses 200(optional) Moving Average line as a trend filter. This is a popular trend filter used by pro day traders.
    • Trend Strength Filter: Uses ADX to measure stage of the trend to ensure trades are not entered when trend is exhausted.
    • Primary Filters: The indicator has an inbuilt momentum filters that uses RSI and Volume to ensure the current move has enough momentum to be valid.
  • The indicator has support and resistance lines that serves as stop loss level.
  • The indicator has ATR value display that serves as target profit.
  • Timeframes: Use on all Timeframes lower than D1
  • Trading Pairs: Use on all pairs


  • BARS: Indicator plotting
  • Bollinger Period: From formula above
  • Bollinger Deviations: From formula above
  • Show Channel Breakout (true/false): Enable / Disable breakout signals
  • Enable Normal Breakout (true/false): As implied
  • Enable Engulfing Pattern Breakout (true/false): As implied
  • ATR_Breakout_Ratio: To define minimum breakout distance
  • ATR_Period: For target profit and breakout ratio calculations
  • Show Channel Reversal (true/false): Enable / Disable reversal signals
  • Enable Normal Reversal (true/false): As implied
  • Enable Engulfing Pattern Reversal (true/false): As implied
  • Enable Pinbar Reversal Pattern (true/false): As implied
  • Give Pre-signal (true/false): Enable / Disable pre signals
  • Use MA Trend Filter (true/false): Signal filter
  • MA Period: MA filter period
  • Confirm Alerts with currency Strength (true/false): Signal Filter/ Alert Filter
  • Minimum Currency Strength offset: As implied
  • Use Trend Strength Filter(true/false): Signal filter
  • Display Trend Strength Panel (true/false): Panel Display
  • Display Currency Meter Panel (true/false): Panel Display
  • Display ATR: Panel Display
  • Show Support and Resistance (true/false): SR lines on chart
  • Display Title colors: Panel Title colors
  • Display Text colors: Panel Text colors
  • Sound_Alert: Notification
  • Email_Alert: Notification
  • Phone_Alert: Notification


  1. Endeavor to use Currency Strength in filtering your signals, that is the juice of the entire system.
  2. Because MetaTrader 4 does not allow multi-pair testing, currency Strength values in the strategy tester are not the correct values because only one pair is scanned in tester while 28 pairs are scanned in real environment.
  3. Some signal types and filters are disabled by default, you can enable them in the input menu.

Good luck and happy trading.

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Version 1.10 - 2018.03.02
I have fixed the bug with the indicator. The previous version sometimes stops working on the chart due to indicator data overload. This error has been fixed. Some new features has been added to this version.
1. The Indicator now has a statistics panel with success rate
2. The indicator now has take profits and stop loss levels
3. The indicator now gives exit signals for trade exits