Hello everyone, please I thought the Bollinger band is supposed to be appearing as two bands the upper and lower band but mine is three and I do prefer the two type am using a mobile metatrader5. Please can anyone inform me on how to set it so it appears two bands.
The middle line is the 20ma. You can edit the indicator and remove it if you dont want it. In my experience bollinger bands are unreliable and dont work. But good luck.
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To add to what @Rickster99 said - You can also change the value of the 20ma if you wish.
BB’s as standard mark the value of ±2 standard deviations away from the 20ma line and this value expands with volatility. This also can be changed and when I used to Spreadbet the DoW many years ago, I found the values 2 and 3 std devs quite helpful but this was on longer term bets lasting days or even weeks - On forex, Ido find them less helpful - but again my bets are shorter and I noted with interest that the Babypips school has a system of 1 &2 std devs, which I have not tried but it seems to me it could be helpful.
The principle of BBs is that they represent a measure of the psychology of the market and I believe they can be helpful in that context.
[Edit as a hint to @bizdons - If you look at the example you posted, it can be seen that the central line (20ma) quite often does act as a Support/Resistance line and can be useful in Entry/exit decisions - depending of course on your strategy]
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Thanks allot for the info
Thanks! I got that.