The Point Zero Bollinger trend forex indicator is a simple MT5 indicator for determining the direction of a trend.
Instead of creating three bands on the chart, the PZ Bollinger trend forex indicator only displays wave patterns. These wave patterns suggest uptrends and downtrends.
The indicator works best on all timeframes, but traders should use it on higher timeframes to reduce false signals.
Point Zero Bollinger Trend Forex Indicator BUY/SELL signals
The EURUSD H1 chart above shows the BUY and SELL signals for the indicator. To identify BUY and SELL signals, traders need blue and red wave patterns. The indicator draws a blue wave when there is an uptrend. Here, traders can open long positions.
Conversely, traders may enter short positions when the indicator draws a red wave pattern. It is better to wait for the full development of the model and enter the trade. Traders can also apply other indicators to confirm the signal further.
How to read Bollinger Bands?
Traders can read the indicator by looking at wave patterns. If there is a red wave, then the general trend is down. Conversely, if the wave is blue, the overall trend is up.
Which indicator works best with Bollinger Bands?
Some oscillators work best with an indicator. Traders can use RSI or MACD to create a combination of trend-following indicators.
The Point Zero Bollinger trend indicator displays ascending and descending wave patterns on the chart. It works differently than the traditional Bollinger Bands indicator, and traders can quickly determine the general direction. In addition, you can download the indicator for free on our website.