BMA MetaTrader indicator | FREE Forex Trading Indicator
BMA MetaTrader indicator or Band Moving Average was created by combining the original moving average indicator and an idea from a site visitor. The indicator appears as three lines: the central line is the standard MT4/MT5 moving average (which can be simple, exponential, or weighted), the upper line is the same as the central one but lifted up by 2% (by default), and the lower line is the same as the central one but pushed down by 2%. These two additional lines represent the levels of support and resistance. The indicator is compatible with both MT4 and MT5.
- MA_Period (default = 49) — the period of the standard moving average (central line).
- MA_Shift (default = 0) — horizontal shift for all lines on the chart.
- MA_Method (default = Simple) — the method for MA drawing.
- Percentage (default = 2) — number of percents to vertically shift the upper and lower bands compared to the central line.
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The best way to use this indicator is to attach it to EUR/USD H4 chart (example shown above) and to sell when the price reaches upper band and to buy when the price reaches lower band. Moderate stop-loss level is advised in both cases as the price can sometimes break those levels or the lines may change directions suddenly.
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