True Range Envelopes indicator for MT4 looks similar to Bollinger Bands but slightly different because it also includes volatility for it’s band calculations.
The price usually moves within the upper-and lower band.
BUY: Buy at the lower band with stop-loss below the most recent swing low. Take profit at the middle band or upper band.
SELL: Sell at the upper band with stop-loss above the most recent swing high. Take profit at the middle band or lower band.
Use in conjunction with other technical tools.
EUR/USD Daily Chart Example
How to install the True Range Envelopes custom indicator in Metatrader 4?
- Download the True Range Envelopes.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.