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Saturday, 28 January 2023
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Watch the testing video here:

BB Alert Arrows Indicator

 

The BB Alert Arrows Indicator is a forex scalping indicator based on the famous Bollinger Bands. It displays buy/sell arrows that act as trading signals and all you need to do is to follow the given direction. Such simplicity can be a great advantage to beginners forex traders who struggle with the excessive complexity of some strategies. As the name suggests, the BB Alert Arrows give an alert when a signal is recognized.

The BB Alert Arrows Indicator fits all kinds of timeframes and currency pairs. It is displayed directly on the main trading chart. The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.

How does it work? How to apply in trading?

Trading Rules Explanation

The BB Alert Arrows Indicator defines the tops and bottoms of the market. Simultaneously, these market levels are marked with upward or downward arrows that trigger corresponding trades. In simple words, you should open a long trade after the occurrence of an upward arrow. Conversely, you should open a short trade after the appearance of a downward arrow.

Buy Signal

Follow these steps for a long trade:

  • BB Alert Arrows provides an upward arrow
  • Price swings higher from recent low swing
  • Buy trade is triggered after the above conditions are met
  • Set stop loss a few pips below the last low point of the market
  • Take profit or exit trade whenever the BB Alert Arrows provides opposite arrow or use your own method of trade exit

Sell Signal

Follow these steps for a short trade:

  • BB Alert Arrows provides an downward arrow
  • Price swings lower from recent high swing
  • Sell trade is triggered after the above conditions are met
  • Set stop loss a few pips above the last high point of the market
  • Take profit or exit trade whenever the BB Alert Arrows provides opposite arrow or use your own method of trade exit

As always, to achieve good results, remember about proper money management. To be a profitable trader you need to master discipline, emotions, and psychology. It is crucial to know when to trade, but also when not to trade. Avoid trading during unfavorable times and market conditions like low volume/volatility conditions, beyond major sessions, exotic currency pairs, wider spread, etc.

How to set up the BB Alert Arrows indicator in MT4?

Installation Guide

Download the BB Alert Arrows.rar archive at the bottom of this post, unpack it, then copy and paste the BB Alert Arrows.ex4 or BB Alert Arrows.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.

You can gain access to this folder by clicking the top menu options, which goes as follows:

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

Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.

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