As a trader, adopting the right trading tool is very critical to the success of your trading. This applies to both the beginner and veteran who has been in business for some time. Range Bands is an assembly of five indicators that function very well when applied concurrently. As a total package, the Range Bands indicator is not only functional but also valuable. And you will find about this through the Range Band Indicator Review on our best forex indicator blog.
Range Bands indicator can be deployed on both MT4 and MT5 platforms; it is a multi-timeframe indicator which means you can implement it on any timeframe you want. You can also use it with any instrument you desire because Range Bands offers a universal trend-following indication. It can work with any stock, commodity, index or ETF. The Range Bands consist of different formulas, and also makes your buy entry and sell entry the target point and exit point to be simple. Now we will find out if this one makes our Best Metatrader Indicators page.
In this Range Band Indicator Review, we shall take a look at the features of the indicator, strategies for calculating entry and exit, and what makes the indicator unique,
Features of the Range Bands Indicator
The histogram presents the trader with a Visual illustration by arrows and makes the Range Band a very useful indicator to detect the low point and high point range.
The histogram shows at what price and zones significant trading and price action is taking place. At a glance, the trader will always instantly know the most important price levels and zones for future price changes in the market.
With the assistance of the Histogram Market Profile indicator, you can easily see where the most significant price moves and trading action is. The upper values of the histogram represent the most significant price point in a market. A trader can be properly guided by this to plan trades, or stop loss and make profits.
Traders can quickly identify the exact entry prices following the attached indicator to his or her trading chart; by this, the trader joins a trend and makes some profit on his trading position. The Range bands’ signal interacts with the price to notify the trader to either buy or sell at a specific price during the trading day.
All the trader needs to do is to carefully observe the interaction of price and indicator signals when the current candle on his chosen time frame closes. That way, the trader identifies the right time to sell or buy.
Strategies for Calculating Entry and Exit
Range Bands indicator searches for different kinds of ranges in the market and computes tradable range within a specific pair which it is applied to. It also has a demand and supply formula integrated into it. The Range Bands Indicator makes it possible for the trader to pinpoint the exact point of entry as it prompts the trader. To get even better entry or exit points you can always use a price action indicator mt4.
It is designed on new underlying scripts that make it simple to identify disparities between buyers and seller, from which the entry is computed. With using the supply and demand areas to trigger alerts for all the entry points; this helps to reduce losses to the barest minimum.
This Range Bands Indicator review will not be complete if we fail to look at the analysis area. Trend analysis is another excellent benefit that comes with the Range Bands Indicator. It offers practical answers to such questions as; what is the open price? What is the take price? And what are the profit and loss? The trend analysis, without any doubt, is one of the most of the amazing features on the Range Bands indicator.
It gives you the summary of all the multi time frame signals in one window like M1, M5 H1 and H4 for daily trading and the overall trend gives you the general image of how the instrument is going to perform.
In addition to this, it offers you the leverage to adjust and customize the parameter to suit your needs like the fix take profit and Star plus which are very vital for a pool trader. The Range Bands indicator is also a professional tool for any trader. Traders who are already pro can add it up to their existing trading style as well.
How is the Range Bands Indicator Unique?
One of the greatest differences between the range band and the other tools is that its signal does not repaint. This means that values are not changed after the price bar is closed. Unlike repainting signal that constantly fires false signals when some of the signals disappear shortly after a few bars. The historical values provided by non-repainting indicators is priceless in terms of reliability to the traders. Range band indicator is designed to have a multi time frame on one window. This eradicates the challenge of selecting a different time frame to watch them at a time. TIP: If you want to increase your trading please read our volume profile indicator mt4 article.
The indicator is used by traders for backtesting trading results across any timeframes on a range of currency pairs or trading assets which the trader has decided to work with on any trading day. Identifying signals at this point is quite easy for the trader. Since he/she only needs to wait patiently and carefully observe for the time when the present candle begins to close on any timeframe that the trader is currently observing any market from.
Immediately the trader notices that the current candle has closed, he/she needs to confirm that by touching the lower line of the Range Bands indicator’s signal line or the upper line of the indicator’s signal lines. If the indicator touches the upper signal line before its closing on the trader’s current timeframe. This is an indication for the trader to enter a buy trade at the point where the candle closes.
Conversely, if the current price or the last candle had touched the lower signal line of the indicator before the candle closed. It is a signal for the trader to immediately enter a sell trade as soon as he notices this.
Range band indicator is very user-friendly.
This trading technique of using Range Bands indicator is seamless to adopt by beginners and advanced traders. It to have an overview of the market price as well as spot the precise times that were suitable for him to enter a trade profitably.
Trade can be taken as soon as the signal is visible; this is because entry at the start of the candle is not dependent on the close of the last candle.
Final Thought On Range Bands Indicator
So then, it is here everything you need to know about the Range Bands Indicator Review. With the above guide, it is obvious that the tool available to a trader can make or mar his business.
It is hence, suggestible that you get the best tools whose functionality can be of immense value to your dream. The Range Bands indicator is highly recommended as a trading tool for a range of options.
You can find more additional tools and indicators on this platform, so check them via this link.