How to Set Bollinger Band Fib Ratios Indicator on MetaTrader 4 Charts
Step 1: Open Navigator Window on Platform
Open the Navigator panel just as shown: Go to the 'View' menu (click on it), then select 'Navigator' window panel (press), or From Standard ToolBar click 'Navigator' button or press key board short cut keys 'Ctrl+N'
On Navigator panel, choose 'Indicators', (DoubleClick)
Instructions for Adding the Bollinger Band - Fib Ratios Indicator to the MetaTrader 4 Platform - MT4 Bollinger Band - Fibonacci Ratios Indicator
Step 2: Expand the Indicators Menu on the Navigator - Adding Bollinger Band - Fibonacci Ratios MT4 Indicator
Expand this menu by clicking the open button emblem mark ( + ) or double-click the 'indicators' menu, after that this button will appear and be shown as (-) & will now display a list as is shown - select and choose the Bollinger Band - Fibonacci Ratios chart indicator from this list of indicators so that to add the Bollinger Band - Fib Ratios indicator to the chart.
Want to set up Bollinger Bands? Use the window above to add the Bollinger Band – Fib Ratios indicator to your chart.
How to Set Custom Bollinger Band - Fib Ratios Indicators to MetaTrader 4
If you wish to incorporate a custom technical indicator, such as the Bollinger Band - Fibonacci Ratios, you must first install this custom indicator on the MT4 software. Following this, it is necessary to compile the custom Bollinger Band - Fibonacci Ratios indicator so that it appears in the list of custom technical indicators within the MT4 software.
To learn how to install Bollinger Band - Fib Ratios indicators on the MT4 Platform, how to add Bollinger Band - Fib Ratios indicator window to MT4 and how to add Bollinger Band - Fibonacci Ratios custom indicator on MetaTrader 4 Platform - How to add a custom Bollinger Bands - Fibonacci Ratios indicator in the MT4.
About Bollinger Band - Fib Ratios Technical Indicator Tutorial PDF
Bollinger Band - Fib Ratios Analysis & Signals
Derived from the original and initial Bollinger band.
The Bollinger Fibonacci ratios qualify as an indicator sensitive to volatility, yet its calculation for channel width avoids standard deviations, opting instead to use a smoothed ATR multiplied by Fibo ratios of 1.618, 2.618, and 4.236.
The smoothed line values, calculated by multiplying a Moving Average (MA) by various Fibonacci ratios, are then either added to or subtracted from the base MA.
This forms Three upper Fibonacci bands and Three lower Fibonacci bands
Middle band creates the basis of the price trend.
Forex Analysis and How to Generate Signals
This indicator used to determine point of support and resistance for a forex pair.
Lines below represent support levels while those above are resistance levels.
The outer-most bands provide the strongest resistance/support.
The inner most bands provide least support/resistance.
The innermost band represents Fibonacci 38.2 % retracement level
The second band represents Fibonacci 50 % retracement level
The outermost band represents Fibo 61.80 percent retracement level
The Indicator serves to identify potential reversal points for prices. (Price Pull-back Levels)
When price touches or tests one of the lines and then reverses, a trading signal for entry or exit is generated.
However, it's always good to combine the signal with other confirmation technical indicators like the Moving Average(MA) to confirm the signal just as shown below.
Analysis in FX Trading
Learn More Tutorials & Guides:
- How to Use Strategies Tester on MT4 Strategy Simulator Tester
- Standard Trading Account and Micro XAU USD Accounts Types Explained
- RSI Hidden Bullish XAU/USD Divergence and RSI Hidden Bearish XAU/USD Divergence
- What is Average FTSE MIB 40 Spread?
- Trading Leverage Tips
