Bollinger vs Envelopes Indicator for MetaTrader 5 - Download [TradingFinder]

The Bollinger vs Envelopes Indicator, by combining Bollinger Bands and Envelopes, analyzes the price movement structure based on moving averages.

Bollinger Bands measure market volatility around the moving average using standard deviation, while Envelopes create parallel channels above and below the moving average to outline potential price movement ranges.

Bollinger vs Envelopes Indicator Table

The specifications and features of the Bollinger vs Envelopes Indicator are shown in the table below:

Bollinger vs Envelopes Indicator at a Glance

The Bollinger vs Envelopes Indicator examines the price position relative to Bollinger Bands and Envelopes channels and generates entry or exit signals by changing candle colors as follows:

• Blue Candle (Buy Signal): Activated when the price stabilizes in the lower range of the band or Envelopes channel and a bullish candle with a real body closes;
• Red Candle (Sell Signal): Formed when the price is in the upper range of the band or Envelopes channel and a bearish candle with a real body closes.

Indicator in Bullish Trend

In this indicator, when the price reaches the lower Bollinger Band or Envelopes channel and a bullish candle with a real body closes, the candle color changes to blue.

This color is recognized as a buy signal and defines a suitable zone for entering long positions.

Indicator in Bearish Trend

In this indicator, when the price reaches the upper Bollinger Band or Envelopes channel and a bearish candle with a real body is displayed, the candle color changes to red.

This color change activates the sell signal and identifies the beginning of the downward movement.

Bollinger vs Envelopes Indicator Settings

The image below shows the settings panel of the Bollinger vs Envelopes Indicator in the MetaTrader 5 platform:

• Bollinger Bands Period: Displays the period of the Bollinger Bands
• Bollinger Bands Shift: Shift of the Bollinger Bands
• Bollinger Bands Applied Price: Type of price applied in the Bollinger Bands
• Bollinger Bands Deviation: Displays the standard deviation of the Bollinger Bands
• MA Period: Displays the period of the Moving Average
• MA Shift: Shift of the Moving Average
• MA Applied Price: Type of price applied in the Moving Average
• MA Deviation: Displays the deviation of the Moving Average

Conclusion

The Bollinger vs Envelopes Indicator is a combination of two moving average–based tools that draw dynamic support and resistance levels.

By changing candle colors to blue or red, this indicator issues buy and sell signals and enables trend analysis across multiple timeframes.