BB Histogram Indicator is a Histogram based Forex technical indicator. It is a very simple Forex trading indicator and can be extremely profitable on a consistent basis if used properly. BB Histogram works wonders in trending markets and might perform poorly in sideways markets. This technical indicator can be used for swing trades and scalp trades. The best benefit of using BB Histogram Indicator is that it works on any timeframe bigger than the 5minutes and can be used on any time frame.
After installing BB Histogram Indicator in your MT4 trading platform, your chart should look like this image below;
BB Histogram Indicator has a Histogram just below the candle bars with blue and pink dots. When the Histogram is positive above the zero line it indicates bullish market conditions and when it is negative below the zero line it indicates bearish market conditions. You are very likely to capture pips if your take trades in the direction of the trend. For instance, if the market is trending down, you should only look for selling opportunities, and when the market is trending up, you should look for buying opportunities only.
Conditions For Selling Using BB Histogram Indicator.
- The market should be up trending.
- The market should be bouncing from the recent support.
- BB Histogram indicator should be positive.
- Blue dots should appear above the histogram.
- Place your long position as soon as above conditions are met.
- Place your stop loss below the recent support.
- Take your profit when the histogram turns negative.
Conditions For Selling Using BB Histogram Indicator.
- The market should be down trending.
- The market should be falling from the recent resistance.
- BB Histogram indicator should be negative.
- Pink dots should appear below the histogram.
- Place your short position as soon as above conditions are met.
- Place your stop loss above the recent resistance.
- Take your profit when the histogram turns positive.
Download Free Forex BB Histogram Indicator
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