Real author:

igorad

BBands_Stop_v1 trend indicator is a modification of Bollinger Bands ®. It can be used for detecting a trend change, as well as for setting stop orders. It is quite descriptive and easy to use.

Tips for using the indicators:

The indicator changes its color when the chart crosses Bollinger Bands showing trend reversal on the market. Green dots are for buying, orange ones are for selling. Stop-losses are set above/below the dots. The indicator shows good results during a trend but starts to give false signals in case of a flat. Therefore, it is recommended to use this indicator together with some other, filtering indicators.

This indicator was first implemented in MQL4 and published in CodeBase at mql4.com 27.09.2007.