This Trend Bands indicator in MetaTrader is a custom-designed trading indicator that tracks the market’s trend and evaluates the volatility of prices. It’s a highly flexible forex indicator that could help in identifying trends that reverse and continue to follow patterns in the financial market.
The indicator’s two bands of yellow (upper and bottom) serve as a dynamic boundary in order to determine the fluctuation and movement of the value of the asset. The magenta band (middle) in the indicators acts as a trend divider. The price that is above or below the magenta band indicates either a bearish or bullish trend.
This indicator’s technology is suitable for novice, intermediate, or advanced Forex traders. In addition, it’s helpful in identifying scalping day/intraday as well as swing trading opportunities on the market.
How to Trade With The Trend Bands Indicator
The screenshot above shows how the indicator will appear on the chart for MT4. It also demonstrates how you can determine a setup with a high probability.
SELL and BUY signals: First, you must define the direction in the marketplace, for instance, whether it is a bullish one. You can then start a buy/long trade after the price has crossed and closed above the magenta line in the indicator.
The opposite of the concept for a buy signal can also be used to create a sell signal. The stop loss could be set only a few pips away from the entry point, and the take profit could be set on the other side of the yellow line on the indicator.
Conclusion
This indicator in MT4 can be used for trading and reversal. It can be utilized in conjunction with other technical indicators, such as price action, to increase effectiveness. In addition, it’s completely free to download.
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