The three bands foreign exchange indicator comprises of an upper band, middle band and lower band. Support can be obtained at the lower band and resistance at the upper red band. Price on top of the green middle band is said to be bullish while price beneath the green band is said to be bearish.
Purchase signal: In and upward market trend (increasing bands), pause for the price to shift back on top of the green middle band from beneath.
Auction signal: In a downward market trend (decreasing bands), pause for the price to shift beneath the green middle band from on top.
- Suitable on any preferred currency pairs.
- The recommended time frame is one minute chart up to the weekly charts.
- It is applicable on any endorsed trading sessions.
- Period and Colors are the configurable options for this forex indicator.
The GBP/USD Daily Instance Chart
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