Bollinger Bands Triple Strategy Scanner MT5
Bollinger Bands Triple Strategy Scanner is a simple, powerful, and effective solution for trading breakouts, reversals, and trend following!
This is a Multi-currency, Multi-timeframe, and Non-Repainting Scanner designed to provide you trading signals and save you hours analyzing the charts.
- Advanced all in one scanner that automatically detects trading opportunities for breakouts, reversals, & trend following using the Bollinger Band indicator
- Easily identify if the prices are currently in a band squeeze (consolidation)
- Alerts you when new trading signals are identified using MetaTrader alerts, email, and phone notifications
- Customize your own set of symbols & timeframes that you want to monitor. Works with any symbols & timeframes.
Bollinger Band Triple Strategy Summary:
Breakout Band Squeeze Strategy - In this strategy, we wait for the price to breakout of the band squeeze (consolidation), and then look to trade in the direction of the breakout. In order to filter out false breakout signal, we need to check the volume so we can use a volume indicator called the Money Flow Index Indicator to check for accumulation during an upside breakout, and distribution during a downside breakout.
Reversal Band Squeeze Strategy - In this strategy, we wait for the price to enter a band squeeze (consolidation) and for the price to touch either the upper or lower band, and then look to trade in the opposite direction, expecting a reversal back to its moving average. During a consolidation period, the upper band can act as a resistance and the lower band can act as a support.
Trend Following Band Strategy - In this strategy, we will take a position in the direction of the trend when the price hits the upper or lower bands.
Note: The scanner will identify a band squeeze when the upper and lower bands falls within the upper & lower ATR Channel (default is 1.5x ATR).
The scanner will show you Buy & Sell signals along with which strategy triggered the signal:
Buy/Sell (B) - Breakout Band Squeeze Strategy
Buy/Sell (T) - Trend Following Band Strategy
Buy/Sell (R) - Reversal Band Squeeze Strategy
Buy/Sell (TR) - Trend Following + Reversal Band Squeeze for stronger probability. Example: Prices are in uptrend & the price touches the lower band during a short term band squeeze will generate a (TR) scanner signal.
(BS) - Band Squeeze. Prices are currently in short term consolidation & lower volatility, so expect a breakout soon.
Bollinger Band Settings - sets the standard deviation & the moving average period of the bands
Reversal Band Squeeze Strategy Filter - band squeeze will be identified when the upper & lower bands falls within the upper & lower ATR Channel (higher ATR multiplier will give more false band squeeze signals, recommended is 1.5x ATR)
Breakout Band Squeeze Strategy Filter - a breakout from a band squeeze will be filtered by the Money Flow Index
Trend Following Band Strategy Filter - the moving average used to determine the direction of the trend and the number of candles to check
Symbols & Timeframes - assign the symbols & timeframes you want to show on the scanner and must be comma separated
Dashboard Style - change the style of the scanner & change the template when you open a new chart via the scanner
Alert Notification - ability to send alerts via email, mobile notifications or MetaTrader alerts window
If you need MT4 version, you can get it here
If you have any questions, please don't hesitate to contact me at email@example.com or via a private message & I will be glad to help!
Thank you & happy trading!