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If you love to take quick 5 minutes or 10 minutes trades then the double Bollinger band strategy is made for you. You can easily find the Bollinger band indicator easily on the trend section of the Olymp Trade.
What is Double Bollinger Band
The double Bollinger band is a paid trading strategy used by professional traders that combine the two Bollinger bands in order to analyse the upcoming trends and reversals.
In case you don’t know, the Bollinger band is a technical analysis tool developed by John Bollinger. This indicator is made from the combination of three moving averages. where the middle line is a simple moving average and the upper and lower line represents the standard deviation of SMA.
How to set up a Double Bollinger band on the Olymp Trade trading platform
Firstly, log in to your Olymp Trade account. In case you don’t have one fill out the form below.
Once, you have signed up, you will land on the Olymp Trade dashboard and make sure set your default chart to the candlestick.
Next, click on the indicator button and select Bollinger band from the menu.
Click twice on Bollinger band. and set the indicator timer to 20, 2 and 20, 1.
For better results, you change the colour of the indicator.
Double Bollinger Band strategy: How to trade with double Bollinger band
Trading with Double Bollinger is quite easy. this indicator acts as support and resistance. when the price touches the upper line it signals an upcoming bearish trend similarly, when the price touches the lower line it signals an upcoming bullish trend.
Given above is a EUR/CAD 5 minutes chart, and we clearly see the price touching the upper line which signals an upcoming bearish trend and here, we can place a sell trade here with 10 a minutes time frame.
Similarly, we can see above the price touching the lower band which signals an upcoming bullish trend and here, we can place a buy trade here with 10 minutes time frame.
Final words on Double Bollinger Bands indicator
The double Bollinger band is one of the most popular trading strategies that is followed by professional traders to spot upcoming trends and reversals. This indicator was developed by one of the greatest traders and trading expert of all time John Bollinger. Talking about the Bollinger band, This indicator is made from a composition of moving averages and contains three bands name upper, lower, and middle bands.
So, this is the end of this article. I hope you hope you have found this article helpful. do try this strategy on the Olymp Trade demo account and then shift to Olymp Trade real account once you have practised properly.