Doda-Bollinger Bands indicator for MetaTrader4
By admin on Jan 31, 2011 with Comments 18
Bollinger band is one of the famous indicator. But it’s implication of 3 lines confuse sometimes and one can not take proper action on time. So, here is the modified version of Boolinger band. You’ll get single line here.
Usage is simple. Buy when price closes above red line and you see blue line. Sell when price closes below blue line and you see red line. The sample image below is self-explanatory. The chart is latest EURUSD pair on H4 time frame. You can easily spot the starting of bull run and now starting of bearish phase.
Lastly, I’ve modified the code to great extent. It was originally by TrendLaboratory. So, the basic coding credit goes to them.
You can download the source code of file from here and compiles file from here.
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Can you make MTF Bollinger Band?
Can you convert this MT4 indicator into J-FOREX?
Sorry Dilip, all my indicators are present here as it is. I’m not the coder for J-forex or amibroker. Some other experts may help you.
Admin
hai, i was read and try to use your indicator, many thanks for you, good profit.
salam
indonesia
Thanks for positive feedback.
Happy Trading.
Admin
Good indicator, how create EA with this?
EA coding is all different. You need to learn the MQL4 programming or get in touch with some professional coder for that.
Hope it will help you.
Admin
how to add your stochestic indicator in mt4.can you please guid me
I realize it’s been awhile since reddy posted his/her question, but if there are any newbee’s wanting to know how to install an indicator into the MT4 platform- here goes. After you have downloaded the indicator to your computer into a folder just for MT4 downloads keep it there just encase you need to reinstall it. Next right click and copy the indicator, then go to where you have the MT4 program installed. It will most likely be in the “Program Files” folder most likely under the name of your broker. Open the folder, next open the “Experts” folder (Note:this is where you would paste an EA- in the “Experts” folder), then open the “Indicators” folder. Now, right click on a blank area within this folder and paste. At this point you have two choices. (1) If the MT4 platform is running, close the platform and re-open it. The indicator will be listed in the “Custom Indicators” under the Navigator sector of the MT4 platform. Choice (2), Right click on the indicator in the “Indicators” folder of the MT4 program folder where you pasted the indicator at and click “open with” > “MetaEditor”. When the MetaEditor program launches it will have opened the indicator programing section. (This is where you write and edit programs for the indicators and the EA’s. So be careful doing any changes here until you know what you are doing. ) Now place the cursor over a blank area of the program and right click, then click on “Compile”. The indicator is now listed in the “Custom Indicator” folder in the MT4 platform. (This second choice eliminates the need to close and open the MT4 platform if it’s running.) You can now close the MetaEditor. You can also close the folder for the MT4 program at any time. To install the indicator onto a chart just drag and drop onto a chart from the “Custom Indicator” folder from within the MT4 platform. Hope this helps.
thanks for sharing! wow! i love your site man. can you imagine i paid 2k to buy moving average indicator for 15 and 5 min chart, and most of the time it doesn’t work.
Thanks for your positive feedback. Don’t try to trade with any indicator on short time frame. That will NEVER work. Start seeing charts on h4 time frame. You’ll never look back. trust me.
Admin
Hi,
This is truly a great redesign job on a confusing indicator. I really love this approach. I have some questions about settings.
What effect do Length, Deviation and Money Risk have when the variables are changed?
Could you describe the function of each and how changing them affects performance?
Sincerely,
Robert
The default settings works best. Do not change them. You’ll get good results in H4 time frame. If you want to do experiments in different time frame or settings, you can do that.
Hope it will help you.
Admin
hello,
im trading forex for the last 2 years with moderate success, i came across dodabollinger and found that good but i have an issue once the indicator shows an indication it changes color in the same candle thus making me confused as to which indication to follow. i mean say i have chosen 1 hour time frame and it showed a buy entry then i see the indicator is showing sell signal in the same candle. so, which entry to follow. Regards, Biswajit
Take call when the price CLOSES above Doda-Bollinger Bands and not before that.
Hope it will help you.
Admin
Hi, thank you with your doda-Bollinger band. I never tried trading using H4 chart.. But now I look at it differently.. better trading view. But I have 1 question, where did you usually put your stop loss? Previous H/L or at the Band it self… which one better base on your experiance.. thanks again for sharing…
regards,
Rizal
Thanks for positive feedback. It’s better to use trailing stop-loss if you’re a full time trader. Otherwise, use the value of Doda-Bollinger Bands itself.
Hope it will help you.
Admin
Hi, I have been using your method for a while and so far i have been making profit by just using your bollinger indi using EU pair. My question is, is there any suggetions on which other Pairs that work best with this Bollinger indi? Can you please name a few so that I can try it out. Anyway thank you so much for your effort.. God Bless You…
Hello,
EURUSD currency pair is the most stable currency pair i.e. it moves in defined way. So, these indicators gives best signals there. Others have no rules. You can try it on EURGBP.
Hope it will help you.
Admin