BMA MetaTrader forex indicator or Band Moving Average — was created using the original moving average forex indicator and the idea from one of the site’s visitors. The forex indicator displays itself in the form of three lines:
- The central one is the standard forex MT4/MT5 moving average (which can be simple, exponential, or weighted).
- The upper chart line is the same as the central one but lifted by 2% (by default).
- The lower chart line is the same as the central one but pushed down by 2%.
Those two additional indicator lines serve as the support and resistance levels. The forex indicator is available for both forex MT4 and MT5.
- MA_Period (main default = 49) — the period of the standard moving average (central line).
- MA_Shift (main default = 0) — horizontal shift for all lines on the chart.
- MA_Method (main default = Simple) — the method for MA drawing.
- Percentage (main default = 2) — number of percents vertically shifting the upper and lower bands compared to the central line.
The best way to use this forex indicator is to attach it to the EUR/USD H4 chart (example shown above), sell when the price reaches the upper band, and buy when the price goes to the lower band. A moderate stop-loss level is advised in both cases as the price can sometimes break those levels, or the lines may change directions suddenly.
Band Moving Average Forex Indicator Download
Warning! If you do not know how to set up this forex indicator, please read the MetaTrader Indicators Tutorial.
Do you have any more suggestions or questions regarding this indicator? You can always discuss BMA with the other traders and MQL programmers on the indicators forums.