How to Add Bollinger Bandwidth on MT4 Charts - Adding MT4 Bollinger Bandwidth Indicator
Step 1: Open Navigator Window on Trading Platform
Open Navigator window as shown & illustrated below: Go to 'View' menu (press on it), then select 'Navigator' window (press), or From Standard Tool Bar click the 'Navigator' button or press key-board shortcut keys 'Ctrl+N'
On Navigator panel, choose 'Indicators', (DoublePress)
How to Add Bollinger Bandwidth Indicator on MetaTrader 4 - MT4 Bollinger Bandwidth Indicator
Step 2: Expand the Indicators Menu on the Navigator - Adding Bollinger Bandwidth MT4 Indicator
Expand the menu by pressing the expand(+) button marker (+) or doubleclick the 'indicators' menu, after this the button will appear as (-) and will now display a list as shown below - select the Bollinger Bandwidth forex chart indicator from this list of indicators so that to add the Bollinger Bandwidth indicator on the chart.
How to Add Bollinger Bandwidth Indicator - From the Above window you can then place Bollinger Bandwidth indicator that you want on the chart
How to Add Custom Bollinger Bandwidth Indicator to MT4
If the technical indicator you want to add is a custom indicator - for example if the Bollinger Bandwidth technical indicator you as a trader want to add is a custom indicator you will need to first add this custom Bollinger Bandwidth indicator on the MT4 platform & then compile custom Bollinger Bandwidth indicator so that the newly added Bollinger Bandwidth custom indicator pops up on the list of custom technical indicators in Meta Trader 4.
To learn how to install Bollinger Bandwidth indicators on MT4, how to add Bollinger Bandwidth indicator window to MT4 and how to add Bollinger Bandwidth custom indicator in MT4 - How to add a custom Bollinger Bandwidth indicator in MetaTrader 4.
About Bollinger Bandwidth Technical Indicator Explained
Bollinger Bandwidth Analysis & Bollinger Band width Signals
Developed by John Bollinger.
This technical indicator is derived from the original Bollinger technical indicator.
Bandwidth is a measure of the width of the Bollinger Band
Calculation
Band-width = Upper Band - Lower Band
Middle Band
This is an oscillator trading indicator, based on the theory that price and volatility occurs in cycles.
Periods of high volatility is followed by periods of low volatility.
When volatility is high, bands are far apart, the bandwidth will also be wide apart.
When volatility is low, Bands are narrow & the band-width trading indicator will also not be narrow.
The blue line represents the highest Bandwidth value for a previous number of periods.
This line also identifies periods of high volatility
The redline represents the lowest Band-width value for a previous number of periods.
This line also identifies periods of low volatility
FX Analysis & How to Generate Signals
Consolidation - Bollinger Squeeze
Bollinger Bandwidth is used to identify the squeeze, which is a consolidation period of price, after which the price then breaks out in a particular direction.
Signals are generated when there a price breakout signal is generated by the indicator starting to go up after touching the red-line. When the band-width line starts to move up it signifies that volatility is rising as the market price is breaking out.
Squeeze
Break Out Signal After Bandwidth Squeeze
However, this is a directionless indicator and needs to be combined with another technical indicator such as the MA to figure out the direction of the trend/ Break Out.
Learn More Courses & Tutorials:
- How Can I Trade UsTec 100 Tutorial Download?
- Keltner Bands Forex Trading Buy Sell Trading Signal
- How to Use MetaTrader 5 Rainbow Charts Trading Indicator on MetaTrader 5 Software
- What are Demarker Buy and Sell Trading Signals?
- What is EURSEK Spreads?
- Gold Indicators Day XAU/USD
- How to Open a Trade Chart in MetaTrader 4 Trading Platform
- How to Add RVI Indicator on MetaTrader 4 FX Chart
