Forex Bollinger Bands Scanner MT4 Indicator

Forex Bollinger Bands Scanner MT4 Indicator:

About the Forex Bollinger Bands Scanner MT4 Indicator

Bollinger Bands Scanner is a multi symbol multi timeframe Bollinger bands dashboard that helps traders to monitor market volatility from one chart.
This panel scans the Bollinger bands indicator in 28 configurable instruments and 9 timeframes for price overbought/oversold, price consolidation, and consolidation breakout.

Bollinger Bands scanner features:

  • Multi timeframe, multi symbol, customizable scan of the Bollinger Bands indicator.
  • Scan for price hitting lower and upper bands, bands squeeze, and price break out of the squeeze.
  • Showing of price position relative to bands on dashboard buttons.
  • Quick review of signals on the same chart by clicking on signal buttons.
  • Easy setup and arrange of symbols in any order with any instrument that your broker provides.
  • Popup, email, and phone notification alerts for selected symbols and timeframes.

Main Settings:

  • In the indicator settings window, set Bollinger bands period, MA method, and the number of deviations.
  • Squeeze ATR Multiplier is the same as the Keltner Channel ATR multiplier. Dashboard detects Bands squeeze (price consolidation) where upper and lower bands of Bollinger bands are within upper and lower channel lines of Keltner channel with defined ATR multiplier. The default value is 1.5 ATR. It means the distance of the upper band and middle line of Bollinger bands (MA) with number of deviation 2, must be less than 1.5 ATR to consider the bands squeezed (same for the lower band). Increasing the ATR multiplier generates more but less reliable squeeze signals.
  • Squeeze Duration (bars) is the minimum number of bars as the length of bands squeeze to consider squeeze valid. The default value is 9. It means for at least 9 bars the Bolinger bands must be within Keltner channel to give a signal in the dashboard.

Other Settings:

  • You can choose what signals to show on the dashboard by enable/disable Show Bands Hit SignalsShow Squeeze SignalsShow Squeeze Break Signals settings.
  • Template name for new chart: Enter the name of the template you want to apply to charts opened by Open in new chart button.
  • Signal after candle close: If true dashboard waits until the close of the candle then checks the indicator value.
  • Popup Alert: To enable MT4 alert window informing dashboard signals on a symbol and timeframe. Select symbols and timeframes that you want to get alert for them by ticking their checkboxes on the panel.
  • Phone Notification: To receive indicator alerts on the cell phone. For this to work you must enable and fill the MetaTrader push notification settings from the Notifications tab on the MetaTrader options dialog (ctrl+o).
  • Email Alert: To receive indicator alerts via email. For this to work you must enable and fill the MetaTrader email settings from the Email tab on the MetaTrader options dialog (ctrl+o).
  • Panel Font Size: You can change the font size of labels and buttons info with this.
  • Panel Scale: Choose between 4 scales to adjust the dashboard size to your screen.

Some Notes:

  1. The dashboard displays five signals with five colors. Light blue and light red for price hitting upper and lower bands of Bollinger bands, yellow color indicate squeezed bands, deep blue, and deep red are for Bollinger bands break out immediately after bands squeeze.
  2. If you want to monitor more than 28 instruments you can load the indicator on another chart and set different symbols for it.
  3. The symbols that you want to add to the dashboard must be visible in the MetaTrader market watch window. The first time you run the indicator or load a new symbol in the dashboard it might take a few seconds to update its data and show signals.

Test results:

Forex Bollinger Bands Scanner MT4 Indicator

Copy and paste the file into the MQL4 Indicators folder of the Metatrader 4 trading platform.

You can access this folder from the top menu as follows:

File > Open Data Folder > MQL4 > Indicators (paste here)

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