Multi TimeFrames Bollinger Bands Signals
This indicator is based on the Bollinger Bands on one or more timeframes and on any Currency Cross Pair.
The indicator generates an alert message when it detects a buy or sell signal.
It also draws a vertical bar on the price chart: green for buy or red for sell, white if flat.
Alert messages and Vertical bars for BUY or SELL, are generated when the Bollinger Bands is consistent for all chosen timeframes else a FLAT signal is generated.
In addition, the Multi TimeFrames Bollinger Bands Signals indicator measures the "POWER" of the Trend that is highlighted on the middle line of the Bollinger Bands (SMA line) with a number (1, 2, 3,...).
The higher the number, the stronger the Trend.
This is useful for detecting when the trend is becoming strong (so it may be suitable to open an order) and when it is becoming weak (so it may be suitable to close an order).
Easy flexible settings:
- Detection of the Bollinger Bands signal for one or more timeframes
- Setting levels of Bollinger Bands
You attach the indicator to a chart with H1, set Active_Bb_for_H1 to "true" and Active_Bb_for_H4 to "true" (standard setting).
The indicator uses the Bollinger Bands standard parameters:
- Bands Period = 20
- Bands Shift = 0
- Bands Deviations = 2.0
BB Monitoring Timeframe Activation
- Active_BB_for_M1 - true/false.
- Active_BB_for_M5 - true/false.
- Active_BB_for_M15 - true/false.
- Active_BB_for_M30 - true/false.
- Active_BB_for_H1 - true/false.
- Active_BB_for_H4 - true/false.
- Active_BB_for_D1 - true/false.
- Active_BB_for_W1 - true/false.
- Active_BB_for_MN1 - true/false.
In the Screenshots of examples, the Bollinger Bands oscillator that appears is not the work of "Multi TimeFrames Bollinger Bands Signals".
You can see it if you use the standard MetaTrader 4 oscillator or other free program.