Target Bands Forex MT4/MT5 Indicator – 100% Free Download
The Target Bands Forex Indicator is a great tool for traders to spot trend reversals. It helps you see where the price might be overbought or oversold, which can lead to strong reversal opportunities. This makes it especially helpful for day traders and scalpers who need quick signals.
Indicator Description
The indicator draws channel-like bands around the price. When the price reaches these bands, it suggests it might be at an extreme level that can be either overbought or oversold. This gives traders a heads up that a reversal could be coming. The bands are based on a 55 bar look back period, which means the indicator analyzes the past 55 candlesticks to calculate where the bands should be. Additionally, it shows signals using a star symbol: a star above the candlestick means “Sell,” and a star below the candle means “Buy.”
Target Bands Forex Indicator Installation
1. Unzip the file you’ve downloaded.
2. Find the file that is called “target-bands-indicator.ex4″/”target-bands.ex5″ and copy it.
3. Open your MT4/MT5.
4. Go to “File – Open Data Folder – MQL4/MQL5”.
5. Paste the file into the “Indicators” folder in MQL4/MQL5 .
6. Restart your MT4/MT5.
After the installation, your trading chart will look like this:

Basic Trading Signals
Buy Signal
If the price hits or drops below the lower band, it suggests that the price might be oversold, which often leads to an upward reversal.
A buy star below the candlestick signals a possible long entry.
For more confidence, check for other clues, like a bullish candlestick pattern or wicks that show the price struggling to go lower.
Sell Signal
When the price rises to or above the upper band, it often indicates an overbought condition and a potential downward reversal.
A sell star appears above the candlestick, signalling a short entry opportunity.
To make the signal even stronger, look for bearish patterns, like an engulfing candlestick, before you enter the trade.
My Conclusion on Target Bands Forex Indicator
The Target Bands Indicator is a simple yet effective way to catch potential trend reversals. By marking overbought and oversold areas, it helps you spot good entry and exit points. This makes it perfect for day traders who want quick trades with clear signals. And while it works well on its own, pairing it with other tools, like price action patterns or moving averages, can make it more reliable.
P.S. Have problems with installation? Email me at olivermurphy@altraforex.com or support@altraforex.com
I would love to help!
P.P.S. Check out software by Altra Forex Group here