Bollinger Squeeze Advanced MT5 - indicator for MetaTrader 5

Bollinger Squeeze Advanced MetaTrader indicator — is a complex indicator consisting of two components:

• A measure of trendedness based on the Bollinger bands and Keltner channel "squeeze".
• A trend direction and strength histogram based on one of the following eight oscillators: Stochastic, CCI, RSI, MACD, Momentum, Williams % Range, ADX, DeMarker.

The indicator is drawn in the separate window of the chart as a histogram with additional information conveyed by the color and width of its bars. It supports multi-timeframe (MTF) operation and all types of alerts. This indicator is available for both MT4 and MT5 versions of the trading platform.

Bollinger Squeeze Advanced is a part of the Not So Squeezy indicator system.

Input parameters

• Timeframe (default = Current) — the timeframe to draw the data from. The indicator can display higher timeframe data on a lower timeframe chart.
• TriggerType (default = DeMarker) — the oscillator indicator for the trend measurement histogram.
• StochasticPeriod (default = 14) — the period for the Stochastic indicator (if set via TriggerType).
• CCIPeriod (default = 50) — the period for the CCI indicator (if set via TriggerType).
• RSIPeriod (default = 14) — the period for the RSI indicator (if set via TriggerType).
• MACDFastEMAPeriod (default = 12) — the fast EMA period for the MACD indicator (if set via TriggerType).
• MACDSlowEMAPeriod (default = 26) — the slow EMA period for the MACD indicator (if set via TriggerType).
• MACDMACDEMAPeriod (default = 9) — the signal line period for the MACD indicator (if set via TriggerType).
• MomentumPeriod (default = 14) — the period for the Momentum indicator (if set via TriggerType).
• WilliamsPRPeriod (default = 24) — the period for the Williams % Range indicator (if set via TriggerType).
• ADXPeriod (default = 14) — the period for the ADX indicator (if set via TriggerType).
• DeMarkerPeriod (default = 13) — the period for the DeMarker indicator (if set via TriggerType).
• AlertOnSidewaysTrending (default = false) — if true, the indicator will issue alerts when market conditions change from Trending to Sideways or vice versa.
• AlertOnZeroCross (default = false) — if true, the indicator will issue alerts when the histogram crosses the zero line or the levels defined via the two input parameters below.
• AlertAboveLevel (default = 0) — an alert level when the indicator's value rises above it.
• AlertBelowLevel (default = 0) — an alert level when the indicator's value falls below it.
• EnableNativeAlerts (default = false) — if true, indicator will use MetaTrader's native pop-up alerts.
• EnableEmailAlerts (default = false) — if true, indicator will use MetaTrader's email alerts. Email should be properly configured in MetaTrader via Tools->Options->Email.
• EnablePushAlerts (default = false) — if true, indicator will use MetaTrader's push notification alerts. Notifications should be properly configured in MetaTrader via Tools->Options->Notifications.
• TriggerCandle (default = Previous) — the candle to issue alerts on: Previous — the most recently closed candle or Current — the yet unfinished candle.

The indicator uses one of the eight oscillator indicators to measure the trend's strength and direction and display it as a histogram:

• Uptrend waves are marked with green bars above the zero line.
• Downtrend waves are marked with red bars below the zero line.

Additionally, Bollinger Squeeze Advanced provides a volatility measure built into the main histogram. When the Bollinger Squeeze indicates a sideways market (Bollinger bands are inside the Keltner channel), the histogram bars change to thick blue ones.

The main idea behind this indicator is to establish trading ranges during the non-trending phase of the market (blue histogram bars) to enter on a breakout and a switch to normal bars. The histogram will help you understand how strong the current trend is and will tell you when to exit a trade on the trend's weakening.