Technical Indicators for MetaTrader 5
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MetaTrader 5
Top Rated Products MT5
Overview
indicator seems to be a sophisticated tool for trend analysis in financial trading. It utilizes Bollinger Bands with an exponential method and color-coding to indicate the current trend direction—whether it's with the trend (bullish) or against it (bearish), as well as using the intermediate color, blue, to suggest a potential trend reversal.
Additionally, the indicator uses a total of six tracks—upper band, upper band EMA, middle band, middle band EMA, lower band, and lower band EMA—to assess whether the price is within a proper range.
Usage 1: Determining Trends
A: When the upper, middle, and lower tracks are all green, it indicates a strong likelihood of price moving upwards.
B: When the upper, middle, and lower tracks are all red, it indicates a strong likelihood of price moving downwards.
C: When the three tracks do not align in color, it suggests the possibility of other variables coming into play.
Usage 2: Key Price Levels
A: If the price exceeds the upper band, it suggests an upward bias in price.
B: If the price falls below the lower band, it suggests a downward bias in price.
Moreover, by combining different time frames—such as daily or four-hour levels—the colors at these levels can be used to determine the overall trend direction, and then the key levels on the lower time frames can be used to time trades.
one more thing, the System default Parameter for period is 20, my opinion is 144 which is the best parameter!
