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The indicator for MT4 introduced this time is quite strange. Simply put, a Bollinger Band is applied to the Stochastics oscillator, but its usage can be extended as much as it depends on imagination.
In the end, you may be able to trade favorably by using an indicator that is not used by others, so it’s definitely worth a try. Continue reading to find out more about this Metatrader 4 indicator and download it for free.
Example of applying this indicator to an hourly chart
Tips for using:
1. Use a combination of stochastics and Bollinger bands.
Normally, stochastics set a threshold (90/10), and when it exceeds that threshold, it is traded as "overbought/oversold." In addition to this, it is a good idea to decide on a rule: "Trade only when the stochastics touches the Bollinger Bands' upper / lower band." This may allow you to find more "extreme" prices (see image below).
Example of placing a sell order under the above conditions
2. Avoid taking trades in some situations
If the Bollinger band fluctuations to determine the range price is small and the band seems to be narrow, it may be a range trading market. In such cases, it may be better to refrain from trading.
Compatibility: MT4
Parameters:
- StochasticPeriod
- BollingerPeriod
- BollingerDeviation
- BollingerShift
Download the "StochasticsBB" MT4 indicator for free from the button below
Tip: Can’t open the downloaded archive file (ZIP or RAR)?
Try WinRAR for Windows or The Unarchiver for Mac .
Do you need help with installing this indicator into MT4 for Windows or Mac OS? Our guide HERE will help you.
