Custom Bollinger Bands BUY SELL Zone MQ4 Indicator – A technical analysis tool that is comprised of three data points that together create an upper and lower trading channel (band) that are two standard deviations from the middle line, which measures the mid-term trend.
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Price fluctuations between the upper and lower bands measure volatility and deviation from the 20-day simple moving average.
- Time Frame: M5 or higher
- Currency Pairs: Any
- Price break out the BUY Zone
- Price break out the SELL Zone
The bottom or top of the band is likely to provide support or resistance, just like a “horizontal” support or resistance level.
In many cases, support or resistance can also be found at the 20-period moving average, which marks the center of the band.