Forex Bollinger Bands %b Indicator:
This is Bollinger Bands %b indicator for MetaTrader 5.
It is all about the relationship between price and the Upper and Lower Bands. There are six basic relationships that can be quantified.
In descending order from the Upper Band:
- %B Above 1 = Price is Above the Upper Band;
- %B Equal to 1 = Price is at the Upper Band;
- %B Above 0.5 = Price is Above the Middle Line;
- %B Below 0.5 = Price is Below the Middle Line;
- %B Equal to 0 = Price is at the Lower Band;
- %B Below 0 = Price is Below the Lower Band;
Generally speaking 0.8 and 0.2 are also relevant levels.
- %B Above 0.8 = Price is Nearing the Upper Band;
- %B Below 0.2 = Price is Nearing the Lower Band.
Copy and paste the file into the MQL5 Indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)