Target Bands Indicator for mt4

The Target Bands indicator for MetaTrader 4 is a channel-like technical trading tool that detects an optimal zone for a trend reversal. It comes with the upper and lower bands that serve as the exhaustion (overbought/oversold) zones of the price. In other words, the price may likely reverse when it touches any of the bands. Moreover, the price tends to also return to the bands after a breakout. The indicator was built with an algorithm that uses a default look-back period of 55 bars to evaluate the past behavior of the price to determine a potential trend reversal zone. Besides, it also comes with a buy/sell entry signal star. A star above/below the candlestick indicates a buy/sell signal. Furthermore, the indicator is suitable for scalpers and day/intraday forex traders. However, it is recommended to be used in synergy with price action/other technical indicators for better trade efficiency.

The indicator comes with the following customizable settings:

Timeframe: This defines a time frame for analysis

Half length: This defines the number of look-back bars for trend analysis

Price: This shows the period for signal calculation

Bands deviation: This defines the deviation value of the bands.

Interpolate: This enables/disables the indicator to automatically adjust to changes in multiple time frames.

Alerts on: This enables/disables signal alerts.

Alerts on the current: This enables/disables signal alerts on the current bar.

Alerts on high/low: This enables/disables alerts when the price touches the upper/lower band.

Alerts message: This enables/disables signal alerts message.

Alerts sound: This enables/disables the signal alerts sound function.

Alert email: This enables/disables signal alerts via email.