The BB Analyzer V2 Indicator is an advanced Bollinger Band trading tool developed for MT4 platforms. It applies colored bands and bars to create a lucid demonstration of momentum signals for beginners.
This guide explains how to apply the Indicator in Metatrader 4 for successfully trading forex, stocks, and other financial instruments.
BB Analyzer V2 Indicator suits multi-timeframe MTF chart analysis. So you can try it for both long-term and short-term trading simultaneously.
Moreover, its innovative display of showing the overbought/oversold and trend conditions makes this indicator a handy tool for trend-following traders.
The indicator applies four types of colored bars creating an authentic display of market trend conditions.
Its mid-line also changes color to signal the possible reversal positions of the price.
The maroon bars signal a sidelined market condition. They turn orange to signal the initial stage of a bullish trend. The bars transform from orange to blue indicates a strong bullish trend.
Conversely, the indicator color becomes red, signaling a fresh bearish trend. Also, the color changes into dark green to express an intense downtrend situation of the market.
Moreover, the indicator also uses its midline to signal the trend reversals by changing its colors. A red mid-line indicates a bearish trend. Oppositely, a red line represents a bearish price reversal signal.
- The price rebounds from the lowe BB band
- The indicator bars turn orange
- SL below the midline
- Exit buy when the bar turns into maroon color
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- The price bounces back to the south from the higher BB band
- The indicator bars turn red
- SL above the midline
- Exit sell whenever the bar turns into maroon color