Bollinger Squeeze Basic MetaTrader indicator — is a complex indicator based on Momentum, Bollinger bands, and Keltner channel. The indicator is drawn in the separate window of the chart as a Momentum histogram and a range of dots when show the relationship between the current Bollinger bands and Keltner channel values. This indicator is available for both MT4 and MT5 versions of the trading platform.
Bollinger Squeeze Basic is a part of the Not So Squeezy indicator system.
If you are interested in Bollinger Squeeze indicators, you might also be interested in an advanced version — Bollinger Squeeze Advanced.
- MaxBars (default = 300) — the maximum number of bars on the chart to apply the indicator to.
- BB_Period (default = 20) — the period for the Bollinger bands indicator.
- BB_Deviation (default = 2.0) — the Bollinger bands deviation parameter.
- Keltner_Period (default = 20) — the period for the Keltner channel indicator.
- Keltner_Factor (default = 1.5) — the Keltner channel multiplication factor.
- Momentum_Period (default = 12) — the period for the Momentum indicator.
- EnableNativeAlerts (default = false) — if true, MetaTrader's native pop-up alerts will be used on the BB/Keltner arrows' change of color.
- EnableEmailAlerts (default = false) — if true, MetaTrader's email alerts will be sent on the BB/Keltner arrows' change of color. Email should be properly configured in MetaTrader via Tools->Options->Email.
- EnablePushAlerts (default = false) — if true, MetaTrader's push notification alerts will be sent to your device upon the BB/Keltner arrows' change of color. Notifications should be properly configured in MetaTrader via Tools->Options->Notifications.
- TriggerCandle (default = Previous) — the candle to issue alerts on: Previous — the most recently closed candle or Current — the yet unfinished candle.
Example and strategy
The indicator uses the momentum to measure the trend's strength and direction:
- Rising momentum above the zero line (uptrend) is marked with darker green bars.
- Falling momentum above the zero line (also uptrend) is marked with lighter green bars.
- Rising momentum below the zero line (downtrend) is marked with darker red bars.
- Falling momentum below the zero line (also downtrend) is marked with lighter red bars.
Additionally, Bollinger Squeeze Basic offers an interesting volatility measure built into the main histogram. The range of blue and red squares on the zero line indicate the current relationship between the Bollinger bands and the Keltner channel:
- If the squares are red, the Bollinger bands are outside the Keltner channel, which suggests that exchange rate is trending strongly.
- If the squares are blue, the Bollinger bands are inside the Keltner channel, which suggests a flat sideways market.
The main idea behind this indicator is to establish trading ranges during the non-trending phase of the market (blue squares) to enter on a breakout and a switch to red squares (trending phase). The histogram will suggest how strong the current trend is and will tell you when to exit a trade on the trend's weakening.
Downloads (ver. 1.00, 2022-03-12)
Bollinger Squeeze Basic for MetaTrader 4 (zipped)
Bollinger Squeeze Basic for MetaTrader 4
Bollinger Squeeze Basic for MetaTrader 5 (zipped)
Bollinger Squeeze Basic for MetaTrader 5
You can open a trading account with any of the MT4 Forex brokers to freely use the presented here indicator for MetaTrader 4. If you want to use an MT5 version of the indicator presented here, you would need to open an account with a broker that offers MetaTrader 5.
Do you have any suggestions or questions regarding this indicator? You can always discuss Bollinger Squeeze Basic with the other traders and MQL programmers on the indicators forums.
1.00 - 2022-03-12
- First release of Bollinger Squeeze Basic on EarnForex.com.