Bollinger Band Stops Indicator (The new version 2020) is one of the most popular indicators among the traders.
this indicator is used mainly to determine the trend direction and detect the exit points in the trade.
There are various settings in the Bollinger Band Stops indicator, the most important of which is; it allows the user to call this indicator for the higher time frames in the chart.
look at the image below (click on the image to enlarge it).
In the image above, we have the chart of Gold in 5 min time frame but the indicator on this chart has been called for 30 min time frame.
Look at another image (click on it to enlarge)
In this image, we are seeing the same chart by calling it this time for 15 min time frame.
How to determine SL with the Bollinger Band Stops indicator?
Imagine you determine the enter points based on your strategy but you have trouble determining the exit points and especially your stop loss.
you can have the price range for exit points by using this indicator.
Take a look at the image below (click on the image to enlarge it).
In the image above, based on the strategy of breakout of the trend line we have a perfect buy position, and assuming that we have entered the specified point, one way to determine the SL is breaking and changing the color of the green line in this Forex indicator to red, which is marked by purple arrows in the image above.
pay attention to the image below (click on it to enlarge it).
Download Bollinger Band Stops Indicator
You can download this indicator here for free
Be sure to note that in no case can any indicator be used alone to enter or exit a trade. In other words, you should definitely use these indicators to filter your strategy.
installation tutorial of the indicator in MetaTrader 4
How to install the indicator in MetaTrader 4? (tutorial)
⦁ To install the indicator in MetaTrader, first click on File from the top of the MetaTrader tab.
⦁ Then select the Open Data Folder menu from the menu openned
⦁ Open the MQL4 folder to install the indicator
⦁ And then copy and paste in the indicator folder.
⦁ Now close your meta trader and open it again.
In the relevant menu you will see that the indicator has been added to your list of indicators.
Just double-click on it in MetaTrader so that you can call and place it on the chart.