Val Bands V3 Oscillator for MetaTrader 4 Download – Free – [TFlab]

The Val Bands V3 Indicator, using Bollinger Bands and colored histograms, provides insights into trend strength and tradingsignals for buying and selling.

This trading tool calculates Bollinger Bands based on candle length. The histograms generated by the indicator convey different market messages to traders through their distinct colors.

Val Bands V3 Oscillator Specifications Table

The specifications of the Val Bands V3 Indicator are presented in the table below:

Val Bands V3 Indicator at a Glance

In this indicator, a yellow histogram represents a ranging (sideways) market, while a light blue bar indicates a mild bullish trend. A dark blue bar signifies a strong upward movement.

On the other hand, pink bars suggest a moderate bearish trend, and red bars highlight strong downward momentum.

Bullish Trend Conditions

According to the analysis of the NZD/USD currency pair in the 1-hour timeframe, the appearance of the first blue histograms closing above the Bollinger Bands represents a strong opportunity to enter long positions.

The formation of dark blue bars further confirms the strength of the bullish trend.

Bearish Trend Conditions

Based on analysis of the AUD/USD currency pair in the 30-minute timeframe, two red histograms closing above the Bollinger Bands indicate a strong bearish signal.

The first color shift in histogram bars can be interpreted as a sell signal. Additionally, an increase in the height and frequency of pink and red bars confirms the intensity of the downward trend.

Val Bands V3 Indicator Settings

The settings of the Val Bands V3 Oscillator are as follows:

• Bands Period: Period for calculating Bollinger Bands
• Bands Method: Calculation method for Bollinger Band average
• Bands Deviation: Standard deviation coefficient for plotting upper and lower bands
• Bands Shift: Displacement of Bollinger Bands
• Show Bands: Toggle to display or hide bands
• Lookback: Number of previous candles used for calculations

Conclusion

The Val Bands V3 Oscillator is designed to assess candle length and apply it to detect trends and ranging zones in the market.

Through colored histograms, this tool provides clear identification of trend strength, reversal zones, and entry and exit points for trades.

This oscillator is applicable not only in the Forex market but also across cryptocurrencies, stock indices, and commodities.