The Bollinger Alert Tape Indicator for MT4 is a classic Bollinger that issues an alert for price overruns in a partial or total way. This indicator is set up as a classic indicator, a video tutorial explains how to do this.
Currently, this indicator only works on the MT4 platform
Once installed, the indicator, in addition to giving you the usual indication sends you an alert when any programmed override. This can allow you to track multiple underlyings in several different time units without having your eyes glued to the screens.
The strategy presented in the following video allows to play the returns after temporary excesses, it is a contrarian strategy.
The audible and visual alert appears as soon as the conditions are met and catches your attention in real time. You will not miss a trade by inattention …
Presentation in video
Bollinger Bands are a very common indicator in the world of online trading, this indicator gives very useful information for many forex trading strategies, but also for all other styles of strategies such as scalping and even trading medium and long term.
It is calculated from a moving average calculated over n periods (20 by default). From this moving average, a standard deviation calculation is defined. By adding this standard deviation in real time to the basic moving average, we obtain the upper Bollinger band and if we subtract this standard deviation from the moving average we obtain the lower Bollinger band.
According to theories, between 80% and 90% of prices must evolve between these two bands of Bollinger, outputs indicate strong trend pressures.
The evolution of the Bollinger Bands also provides information, as the Bollinger Bands diverge, volatility rises, and as the Bollinger Bands tighten, volatility declines.
This indicator is very useful for many trading strategies, and the parameterizable alerts are undoubtedly a strong added value for this indicator.