Bollinger bands are the best Volatility indicator in Forex market. This indicator is used to identify volatility market. When the volatility of the market decreases then the bands narrow and when the volatility of the market price increase then the bollinger bands widen. Forex traders also use Bollinger bands indicator to identify the support and resistance levels in the market, as you already knew the market price moves inside the bands. In this case, upper band as resistance level and lower band as support level. This indicator is very helpful to identify passive and active of market price movements.
Even though the bollinger bands is the best volatility indicator, but you can not use Bollinger bands indicator to determine buy or sell position (action indicator), you need other indicator to take action. You can use other technical indicator such Stochastic indicator, RSI indicator and etc.
There are several variant of Bollinger bands indicators and you can download them all trough these links:
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BB_MACD.mq4
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BBandWidthRatio.mq4
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BBands Stops.mq4
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BB - HL.mq4
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EMABands_v1.mq4
other posts
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renko strategy
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forex trend channel indicator
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donchian channel
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double bollinger
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pivot point forex strategy
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