If you do not know where to place your SL (Stop Loss) of the trade Bollinger Bands Stop Indicator is the right place for you!
When trading you should always set SL (Stop Loss) to some position where price can retrace and continue in your profit. If you set SL too close to your order then PA wont have necessary space to retrace and your SL will get hit. If you set it too far away then you risk vs reward is too big to bother with the order. So Bollinger Bands Stop Indicator will help you with all of the above issues.
Bollinger Bands Stop Indicator will show you where you should place your SL when entering the trade. Additional to that it will show you how to use it as a trailing stop. If following Bollinger Bands Stop Indicator with your SL then you have a grater chance to not get whipsawed and to take most amount of profits before trend reverses.
Bollinger Bands Stop Indicator for MT4 is best used on Higher timeframes but works on shorter TFs as well.
This are the available settings for Bollinger Bands Stop Indicator:
- Length: how many bars to use for calculation of the Bollinger Bands Stop Indicator
- Deviation: bigger the number less whipsaws you will fill and faster the response is
- MoneyRisk: How much you want to risk? if you are more a scalper use lower number
- Signal: 1 to show signal at Beginning of line
- Line: 1 to show line or 0 to show only dots
- Nbars: how many bars back you want to show the Indicator
- SoundON: enable sound when PA hits Bollinger Bands Stop Indicator
How to install Bollinger Bands Stop Indicator in MetaTrader 4 / MT4:
- Download/Copy/Save the MQ4/EX4 file into your C:\Program Files\MetaTrader 4\experts\indicators folder (or change the folder to your installation sometimes forex broker name)
- Restart your MetaTrader 4 application (assuming it’s currently open) … or Launch your MetaTrader 4 application
- On the left hand side, look for the “Navigator” window and under the “Common” tab, look into the “Custom Indicators” section
- Locate the indicator which you have just downloaded into the folder stated in Step 1
- Drag (Click and drag) the indicator onto the chart
- Choose your settings and click OK.
- TADA and your done!