You can now download the Bollinger Band Stochastic MT5 Forex Indicator for free on AtoZ Markets indicators gallery.
This version of Bollinger bands stops is applied to the stochastic indicator. Combining the Bollinger Bands indicator, which is a volatility indicator, together with the Stochastic indicator which is a momentum indicator we can find points in prices where the market is losing steam and it’s ready to reverse course. The Bollinger Bands will help you define your entry and taking profit points while the Stochastic indicator can be used to time the market.
To help the usage usual set of alerts is already built-in (along with multi-time framing) and along with the features already known in the basic BB stops indicator, it is being extended by the usage of stochastic.
Currency Pairs: EURUSD, GBPUSD, EURJPY, GBPJPY, and EURGBP
Trading Session: Any
How to trade with Bollinger Band Stochastic MT5 Forex Indicator?
Bollinger Bands settings:
- Period = 20 Day Exponential Moving Averages;
- Deviation = 2 Standard Deviation;
- %K = 5;
- %D = 3;
- 14 MA period;
Wait for the lower band to be penetrated to the downside. The Stochastic indicator must be below 20, signaling oversold conditions. If the above two conditions are present in the market wait for the first 5-minute candle to close above the lower band and enter long at the close of the candle with your stop loss 5 pips below the “breakout” candle and with the take profit targeting the middle Bollinger band.
Wait for the upper band to be penetrated to the upside. The Stochastic indicator must be above 80, signaling oversold conditions. If the above two conditions are present in the market wait for the first 5-minute candle to close below the upper band and enter short at the close of the candle with your stop loss 5 pips above the “breakout” candle and with the take profit targeting the middle Bollinger band.
How to download and install an indicator?
In order to install the indicator on your MT5 platform, you need to follow these steps:
- Click on “Download Indicator” button located at the bottom of the screen.
- Save the file to your computer.
- Extract and move the files into MT5>Indicator folder of the MetaTrader5 software file directory.
- Restart your Metatrader platform.
- Navigate to “Indicators.”
- And select “Bollinger Band Stochastic MT5 Forex Indicator” template to apply it on the chart.
Note: This indicator was developed by T. Morris. AtoZ Markets does not carry any copyrights over this trading tool.