Setting up Bollinger bands in MetaTrader 4
This tutorial shows you how to set up Bollinger bands in MetaTrader 4.
After reading this guide, you should be able to:
- Add Bollinger bands and set the parameters of this indicator
- Change the parameters
- Remove the Bollinger bands
Add the Bollinger bands and set the parameters of this indicator
- Click Insert and move your mouse over Indicators and Trend
- Click Bollinger bands
Setting the common parameters
After you have completed the step above, the settings menu appears.
Most indicators can be controlled by several common parameters.
There are two types of parameters:
- Calculations of the indicator: e.g. the amount of periods used for the Bollinger bands (you do not need to worry too much about this in the beginning)
- Visuals of an indicator: e.g. how it will look, the colour and thickness of the lines, etc.
Changing parameters at a later time
To change the settings of the indicator directly on the chart at a later date:
- Right-click the Bollinger bands (you will have to be exact on the line of the indicator to get the menu seen below)
- Choose Bands(20) Properties – The (20) is the respective parameter (Periods) and can differ, depending on your choice when setting the parameters.
The parameter menu appears again where you can change the indicator.
Deleting an indicator
To delete the Bollinger bands:
- Right-click the indicator that you want to delete (you will have to be exact on the line of the indicator to get the menu shown below).
- Click Delete Indicator.
The Bollinger bands disappear from your chart.