The indicator is banded , it is based on moving average, Below the basis, it display the lower envelop and above the basis, it display the upper envelop and the basis line is moving average, it may be a simple moving average or exponential moving average. Env is good indicator for trend verification, it indicates the over bought and oversold conditions of forex system. you can use this in your mt4 chart.
The above picture is showing its working..Good luck! Happy trading.
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