PZ Bollinger Trend Indicator

The PZ Bollinger Trend Indicator is a simple MT4 indicator for detecting the trend’s direction. The indicator follows the principles of traditional Bollinger Bands. It uses standard deviation and moving averages to plot the trend. Instead of creating three bands on the chart, the PZ Bollinger Trend Indicator only plots wave patterns. These wave patterns suggest uptrends and downtrends. The Indicator works best on all timeframes, but traders should apply it on higher timeframes to reduce any false signals. PZ Bollinger Trend Indicator BUY/SELL signals The above USD/CHF H4 chart shows the BUY and SELL signals for the indicator. To determine BUY and SELL signals, traders need the blue and red wave patterns. The Indicator draws a blue wave pattern when there is an uptrend. Here, traders can take long positions. Conversely, traders can take short positions when the indicator draws a red wave pattern. It’s best to wait for the pattern to develop fully and enter the trade. Traders can also apply other indicators for further signal confirmation. How to read the Bollinger Bands? Traders can read the Indicator by looking at the wave patterns. If there is a red wave, then the overall trend is downwards. Conversely, if the wave is blue, the overall trend is upwards. Which indicator works best with Bollinger Bands? Several oscillators work best with Indicator. Traders can use the RSI or MACD to create a combo of a trend-following indicator. Conclusion The PZ Bollinger Trend Indicator plots the uptrend and downtrend wave patterns on the chart. It works differently than the traditional Bollinger Band indicator, and traders can locate the overall direction easily. Besides, you can download the indicator for free on our website.