The Doda BB Bands indicator generates buy and sell signals based on the original Bollinger Bands indicator.
Red dots mean bearish trend while blue dots mean bullish trend.
BUY: In uptrends: Go long at the first blue dot and trail your stop-loss below the blue rising dots to lock in profits.
SELL: In downtrends: Go short at the first red dot and trail your stop-loss above the red falling dots to lock in profits.
Use in conjunction with trend analysis indicators/tools to determine the primary trend. Avoid trading against the primary trend.
EUR/JPY Daily Chart Example
How to install the Doda Bollinger Bands custom indicator in Metatrader 4?
- Download the Doda Bollinger Bands.mq4 indicator to your computer.
- Open your Metatrader 4 platform.
- Open the data folder from the top menu.
- Open the MQL4 folder.
- Open the indicators folder.
- Paste the indicator file in this folder.
- Restart the trading platform.
- Open any trading chart.
- Attach the indicator to the chart.