BMA or Band Moving Average — MT4/MT5 Indicator

BMA MetaTrader indicator or Band Moving Average — was created by using the original moving average indicator and the idea from one of the site's visitors. The indicator displays itself in the form of three lines: the central one is the standard MT4/MT5 moving average (which can be simple, exponential or weighted), the upper line is the same as the central one but lifted up by 2% (by default), the lower line is the same as the central one but pushed down by 2%. Those two additional lines serve as the support and resistance levels. The indicator is available for both MT4 and MT5.

Input parameters

• MA_Period (default = 49) — the period of the standard moving average (central line).
• MA_Shift (default = 0) — horizontal shift for all lines on the chart.
• MA_Method (default = Simple) — the method for MA drawing.
• Percentage (default = 2) — number of percents to vertically shift the upper and lower bands compared to the central line.

The best way to use this indicator is to attach it to EUR/USD H4 chart (example shown above) and to sell when the price reaches upper band and to buy when the price reaches lower band. Moderate stop-loss level is advised in both cases as the price can sometimes break those levels or the lines may change directions suddenly.

Discussion

Do you have any suggestions or questions regarding this indicator? You can always discuss BMA with the other traders and MQL programmers on the indicators forums.