Bollinger Bands Bicolor Indicator MT4 Download - Free - [TradingFinder]

The Bollinger Bands Bicolor indicator is an advanced version of the classic Bollinger Bands and is categorized under the support and resistance indicators of MetaTrader 4. This indicator is designed to identify breakouts, market direction, and potential price reversal points.

The Bollinger Bands Bicolor indicator consists of a middle line (moving average) and two dynamic bands above and below the candles.

Its main difference from the classic Bollinger Bands is the change in band colors during bullish and bearish trends.

Bollinger Bands Bicolor Indicator Specifications Table

The specifications of the Bollinger Bands Bicolor indicator are shown in the table below:

Bollinger Bands Bicolor Indicator Overview

This indicator includes a moving average and the upper and lower bands, which are calculated using standard deviation to measure Forex market volatility. These levels expand and contract with increasing and decreasing price volatility.

Bullish Trend Conditions

Based on the EUR/USD 1-hour price chart, the market trend can be considered bullish when the price breaks the moving average line upwards, and a bullish candle closes above it.

In a bullish trend, the upper and lower bands change to blue.

Bearish Trend Conditions

The 4-hour chart of the AUD/USD currency pair shows the performance of the Bollinger Bands Bicolor indicator in a bearish trend.

In this trend, the price breaks the moving average line downwards, and the candles close below it. In such cases, the bands change to brown.

Indicator Settings

The details of the settings panel for the Bollinger Bands Bicolor indicator in MetaTrader 4 are as follows:

• Chart Theme: Setting the indicator theme;
• Period: Number of periods for calculating the oscillation line 20;
• Deviation: Standard deviation value 2.0;
• Shift: Number of units to shift the indicator forward or backward.

Conclusion

The Bollinger Bands Bicolor indicator uses a moving average line (MA) and two dynamic bands to identify upcoming trend movements and breakouts.

This MT4 level indicator is an updated version of the classic Bollinger Bands.