BB MACD zero
(on/off button)
BB = Bollinger Bands
MACD zero means that
if MACD is above zero, then draw a GREEN dot
else if MACD is below zero, then draw a RED dot.
If you see a bunch of green dots, go LONG/BUY
If you see a bunch of red dots, go SHORT/SELL
The line in the middle is the Moving Average. The default is SMA (20).
You can turn the price label of the Moving Average on or off.
If MACD is a downtrend, then the price label color is red.
If MACD is an uptrend, then the price label color is green.
The color of the price label is based on the MACD.
It's not based on the Moving Averages. It's confusing here.
For the Moving Average, you get to choose from the basic 4:
Simple Moving Average,
Exponential Moving Average,
Smooth Moving Average, and
Linear Weighted Moving Average.
For the prices, you get to choose from the basic 7:
Close, Open, High, Low, Median, Typical, or Weighted.
You can choose to display 1 band, double bands, or multiple bands.
The Bands are just standard deviations.
Watchout for Bollinger band squeezes. Trade on the breakout of the squeezes.
Re: Bollinger Bands type indicators for MT4
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