PZ Bollinger Trend MT5

A personal implementation of the famous Bollinger bands indicator as a trend following mechanism, which uses a moving average and the standard deviation to define what a trend is and when it changes. Bollinger bands are usually used as an oversold/overbought indicator only, but in my opinion, the trading approach is more complete using the trend variant as an exit strategy.

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• Easy to trade
• Customizable colors and sizes
• It is non-repainting and non-backpainting
• It is fantastic as a trailing stop method
• It implements alerts of all kinds

Settings

When loading the indicator to any chart, you will be presented with a set of options as input parameters. Do not despair if you think they are too many, because parameters are grouped into self-explanatory blocks. This is what each block of parameters does.

• Period - MA period of Bollinger bands.
• Deviation - standard deviation for Bollinger bands.
• Max History Bars - past bars to draw when the indicator loads.
• Drawing Settings - colors and sizes for arrow objects.
• Alerts - enable/disable alerts of all kinds, or set a custom alert text.
  
  

Author

Arturo López Pérez, private investor and speculator, software engineer and founder of Point Zero Trading Solutions.