The FiboBands indicator drawn on the basis of the same principle as the drawing of Bollinger Band. However the given modification of the indicator uses the Average True Range (Average True Range) instead of a standard deviation.
External lines of the FiboBands indicator are received by Fibo extensions 1.618, 2.618 and 4.326.
Thus, the given version allows not to trade on the rollback, but to work with the breakthrough of these boundaries by setting targets for price movement.
FiboBands is a good chart indicator that can serve as a channel indicator for breakthrough and rollback strategies. It is also possible to use it to search strong support and resistance levels.
The indicator uses SmoothAlgorithms.mqh library classes (must be copied to the terminal_data_folder\MQL5\Include). The use of the classes was thoroughly described in the article “Averaging price series for intermediate calculations without using additional buffers”.
MT5 Indicator – Download Instructions
FiboBands is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
FiboBands provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install FiboBands.mq5?
- Download FiboBands.mq5
- Copy FiboBands.mq5 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader 5 Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 5 Client
- Right click on FiboBands.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator FiboBands.mq5 is available on your Chart
How to remove FiboBands.mq5 from your Metatrader 5 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
Click here below to download MT5 Indicator: