Bollinger Bands Trader
This indicator monitors 10 symbols and shows how wide the Bollinger Bands are, as well as the location of the Market price within the bands for the current and last 7 candles. It can be used to measure the market volatility, identify potential breakouts and trade using Bollinger Bounce.
How to Use
- Shows how wide (in pips) the Bands have been for a given currency for the current period and the previous 6 periods.
- See how the market volatility and noise change over time and identify potential breakouts and consolidations.
Please note that some brokers use 5 pips pricing, while others use 4. If your broker uses 5 pips, then the bands will be 10 times bigger than if it were under 4 pips.
- Shows the position of a currency’s market price within the Bands for the current period and the previous 6 ones.
- 0% implies the market is exactly touching the lower band
- 50% implies the market is right in the middle of the band
- 100% implies the market is exactly touching the upper band
- A negative value means the market price is below the lower band.
- A value above 100% means the market price is above the upper band.
- Different colors are used depending on the value to assist in visualization.
- Buy when the value is close to 0%.
- Sell when the value is close to 100%.
- Period: Averaging period for calculation of the Moving Average
- Deviations: Statistic for defying how wide the bands will be.
- Detect_Fractionals: Setting this to true will allow the indicator to determine if fractional pips are used by the broker and automatically adjust the value displayed at the Bands Length (will display a value 10 times smaller if fractional pips are found).
- Currency #: Which currency pair to be analyzed at the position #.