PZ Bollinger Trend MT5 Indicator

  • updated

A personal implementation of the famous Bollinger bands indicator as a trend following mechanism, which uses a moving average and the standard deviation to define what a trend is and when it changes. Bollinger bands are usually used as an oversold/overbought indicator only, but in my opinion, the trading approach is more complete using the trend variant as an exit strategy.


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When loading the indicator to any chart, you will be presented with a set of options as input parameters. Do not despair if you think they are too many, because parameters are grouped into self-explanatory blocks. This is what each block of parameters does.

  • Period - MA period of Bollinger bands.
  • Deviation - standard deviation for Bollinger bands.
  • Max History Bars - past bars to draw when the indicator loads.
  • Drawing Settings - colors and sizes for arrow objects.
  • Alerts - enable/disable alerts of all kinds, or set a custom alert text

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Setting for CP v2.54: