Advantages

• Bollinger Bands are visually easy to interpret
• They can be used both as a volatility indicator and a momentum oscillator
• Bollinger Bands can be applied on any underlying asset across any time frame
• The indicator generates signals that not only provide precise entry levels, but also specify stop loss and take-profit zones

Disadvantages

• Bollinger Bands work better in sideways markets than in trending markets
• While it is possible to identify extreme price readings with Bollinger Bands, they are not ideal for this purpose
• Even though Bollinger Bands can trigger their own signals, it is important to use these signals in concurrence with other aspects of technical analysis