Free Forex Indicators (MT4), Trend Following Indicators

Quantile Bands Indicator

Quantile Bands Indicator is a trend-based overbought/oversold indicator. It mostly works like Bollinger Bands but used to react pretty quickly with the changes in price actions.

It also facilitates traders by finding the dynamic support and resistance of the market. Therefore, you can apply it for both trend-following and swing trading purposes.

Quantile Bands is quite a versatile indicator since it adjusts with all sorts of timeframe charts and can be applied to trade any forex currency pair you want. Furthermore, its simplicity of use offers a great advantage for newbie traders.

Quantile Bands Indicator Overview

Once you’re done with the installation of indicator on your MT4 platform, your trading chart will appear like the following image:

Quantile Bands Indicator Overview

Also Read: Best Forex Strategy Ever

Quantile Bands Indicator Explanation

Quantile Bands applies a 35-day median price average system in order to define its main trend line. Its upper band represents the overbought area and the lower band as the oversold area of the market.

Quantile Bands Indicator Explanation

Price holds above the main trendline means the trend is bullish. On the other hand, the price remains closing below the trendline means it is a bearish trend of the market. The indicator confirms an opposite trend to your trade direction can be considered as a trade exit signal.

Quantile Bands: Buy Conditions

Quantile Bands Buy Conditions
  • Price candle closes above the main trendline of the indicator
  • Trigger a buy entry at the break of the respective candle’s high
  • Stop loss below the lower band
  • Exit long/take profit whenever price moves below the main trendline

Check Out: XM Review

Quantile Bands: Sell Conditions

Quantile Bands Sell Condiitons
  • Price candle closes below the main trendline of the indicator
  • Trigger a sell entry at the break of the respective candle’s low
  • Stop-loss above the upper band
  • Exit short/take profit whenever price moves above the main trendline
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I have been actively trading the financial markets since April 2012. Besides trading with my personal money I am a technical analyst in a mutual fund that has Rs. 1 billion in assets under management. At my leisure, I love attending live music, traveling, and partying with friends.

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Trend Following System's goal is to share as many Forex trading systems, strategies as possible to the retail traders so that you can make real money.

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