In last some posts, I’ve mentioned one of the powerful indicator BBSqueeze Dark. Today, I’m posting this indicator for MetaTrader platform along with its usage directions and sample chart. Posting below the technical chart of Silver on time frame H1.
The indicator starts below the main chart window and is very simple to use. There are 2 steps to take signals via this indicator.
Step 1:See the zero line. It consists of either Red dot or Green dot. If it is Green dot, it’s time to take action. Now, action (buy or sell) has been defined in step 2 below. If it’s Red dot, do nothing and stay away. Just hold your position.
Step 2: If you see Green dot in zero line, it’s time to either Buy or Sell. For that, see the histogram lines, which are either on above zero line (blue lines) or below zero lines (red lines). Just buy on blue histogram and sell on red histogram.
In a summary, take long position when you see green dot on zero line AND blue histogram lines.
And sell your position, when you see green dot on zero line AND red histogram lines.
Now, for those who want to understand the logic behind this indicator. This indicator is based on signals given by combinations of Bollinger Bands and Keltner Channels. I’m not going in further details. You can find about these 2 indicators somewhere else also.
Last, but not the least, I’m not the developer of this indicator. Just sharing with you from my indicators library. So, all the copyrights and credits goes to the original developer.
I’ve tested it on different currency pairs and time frame. It works on everywhere but gives best results on high time frame like H4. It’s always better to trade on H4 time frame to avoid volatility of the market and false signals.
Update: You can also download this indicator in ZIP file