Introduction to the Asymmetric Bands Indicator
The Asymmetric Bands Indicator is a custom forex tool that works in a similar manner to the Bollinger Bands, but there is a meaningful difference. This indicator uses asymmetric bands instead of equidistant ones.
When the price is above average, then the lower band is narrowed. Similarly, when the price is below average, then the upper band is narrowed.
The indicator is plotted directly on the main trading chart.
We suggest to use it as a filter for opening and exiting transactions. Go ahead and add it to your best trading system.
It fits all kinds of timeframes and currency pairs.
The default indicator settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
How to set up the Asymmetric Bands indicator in MT4?
Copy and paste the asymmetric-bands-indicator.mq4 or asymmetric-bands-indicator.ex4 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, that 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.
Click the link below:
The Asymmetric Bands indicator is well worth adding to your trading collection but remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, it will provide false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.