BB Alert Arrows

The indicator works based on the Bollinger bands trading rules though it doesn’t display the bands on the charts. It plots an up arrow if the price reaches the lower Bollinger band and reverses, indicating a potential bullish trend.

So, forex traders can enter the markets with a BUY position with a stop loss below the previous swing low. The best profit target is to exit at the opposite arrow trading signal; however, technical traders may exit the trade with an excellent risk to reward ratio or any reversal signal.

Similarly, if the price hits the upper Bollinger band and reverses, the indicator shows a down arrow signal indicating a bearish signal. So, forex traders can place a SELL trade with a stop loss above the previous swing high. Furthermore, traders can book profits at the opposite trading signal or use alternate methods to exit the trade.

Trend traders can apply this indicator to a higher time frame chart to identify the long-term price trend as the higher time frame trend tends to stay longer and provide the best results. However, traders should apply the indicator to a lower time frame chart to identify the best entry points and trade using the lower time frame charts. Thus, forex traders can use the indicator to apply top-down technical trading strategies effectively. Additionally, using this indicator, traders can apply multi-timeframe (mtf) trading strategies.

Conclusion
The BB alert arrows indicator for MT4 provides arrow-based alerts for bullish and bearish signals and helps traders buy and sell easily. Additionally, forex traders can download the indicator for free and install it easily. For best results, since the trading signals are reversal signals, traders should confirm the signals with other technical tools.