The indicator which provides a buy and sell signal based on Bollinger Bands in the form of up and down arrows is called BB Alert Arrows mq4.
Bb alert arrows mq4 indicator introduction:
You might have come across many simple indicators in forex, but none of them can be as user-friendly and straightforward as the BB alert arrows indicator. Many new traders struggle to use complex indicators, and in the end, they end up losing on trades. With this indicator, even somebody who opens up forex charts for the first time and knows what buying and selling means can start trading.
Another good thing about this indicator is that it can be applied to any currency pair, and it is most effective at time frames under 1H.
Indicator settings:
In the settings menu of the bb alert arrows indicator, you can modify the colors of buy and sell signal arrows. I usually use a red arrow for the sell signal and a green arrow for the buy signal. A snapshot of the settings screen can be seen in the image below.
Bb alert arrows mq4 working:
When you apply the indicator to the charts, it will start showing you all the buy and sell signals from the past and will also begin to plot the new signals as soon as it detects one.
Bb alert arrows indicator trading strategy:
Buy signal:
- The indicator will plot a buy signal below the candlesticks in the form of an upward arrow.
- The buy trade triggers when the price closes above the candle on which indicator plots the signal.
- You can set the stop loss just below the low of the signal candle.
- Your take profit will be when the indicator plots a sell signal.
Sell Signal:
- The indicator will plot a sell signal above the candlesticks in the form of a downward arrow.
- The sell trade is trigges when the price closes below the candle on which indicator plots the signal.
- You can set the stop loss just above the low of the signal candle.
- Your take profit will be when the indicator plots a buy signal.
Conclusion:
There is no doubt that the bb alert arrows indicator is efficient and straightforward. You can get the signals in the form of simple arrows. But trading is always risky. The indicator plots the signal on the basis of mathematical conditions which are on the backend. It’s up to you to validate the signal by combining different indicators and conducting a proper technical analysis. I usually use it in combination with Strength candles buy sell forex Indicator.
Download indicator