Bollinger Squeeze & Rainbow Indicators is a set of best Forex trend indicators. It detects the right trend and plots the trade signal along with the exit signal as well. All in all you can say this astonishing Forex trade setup guides you all the way of your everyday trading operations and lets you to sit back and relax a bit.
Bollinger Squeeze & Rainbow Indicators amazingly suits with all kind of Forex currency pairs for both market analysis and trading purposes. As a scalping tool it fits best with M5 and M15 timeframe charts. We recommend traders to give it a try aiming the higher winning rates with steady growing capitals.
Bollinger Squeeze & Rainbow Indicators Overview
Give a look to this indicator
Bollinger Squeeze & Rainbow Indicators works with the combination of following tools:
- Keltner Channel: This channel works as a trend identifier. To confirm a bullish trend you’ll have to wait until price closes above its levels and for a bearish trend price needs to be closing below the channel level.
- Rainbow: This nice looking color combined Rainbow is actually created with a number of moving averages with finest level of different effective parameters. Like Keltner Channel, it confirms the trend depending on whether price is closing above or below the cloud areas.
- Bollinger Squeeze Basic and Advanced: These indicators use its zero parameter level to decide the momentum direction. The indicator value raises above zero signals the bullish momentum and a negative value represents the bearish thrust in charge. The only difference between them is, the basic one reacts with price action faster than the Bollinger Squeeze Advanced indicator. Because, the advanced one is combined with another effective tool Demarker and comes up with a better confirmation.
Recommended: Moving Average Ribbon Indicator
Bollinger Squeeze & Rainbow Indicators: Buy Parameters
- Price closes above both the Rainbow clouds and Keltner Channel levels
- Both Bollinger Squeeze Basic and Advanced turns positive at the same time
- A buy can be triggered when all above conditions are met
- Set the stop loss limit below the current swing low
- Exit long once the Bollinger Squeeze Basic and Advanced both turns negative
Bollinger Squeeze & Rainbow Indicators: Sell Parameters
- Price closes below both the Rainbow clouds and Keltner Channel levels
- Both Bollinger Squeeze Basic and Advanced turns negative at the same time
- A sell can be triggered when all above conditions are met
- Set the stop loss limit above the current swing high
- Exit short when the Bollinger Squeeze Basic and Advanced both turns positive
