- Number of messages : 636
Points : 3982
Date of Entry : 2013-01-29
Year : 49
Residence Country : Beograd
on Mon Nov 27, 2017 8:15 pm
This indicator monitors 10 symbols and shows how wide the Bollinger Bands are, as well as the location of the Market price within the bands for the current and last 7 candles. It can be used to measure the market volatility, identify potential breakouts and trade using Bollinger Bounce.
How to UseBands Length
- Shows how wide (in pips) the Bands have been for a given currency for the current period and the previous 6 periods.
- See how the market volatility and noise change over time and identify potential breakouts and consolidations.
- Please note that some brokers use 5 pips pricing, while others use 4. If your broker uses 5 pips, then the bands will be 10 times bigger than if it were under 4 pips.
- Shows the position of a currency’s market price within the Bands for the current period and the previous 6 ones.
- 0% implies the market is exactly touching the lower band
- 50% implies the market is right in the middle of the band
- 100% implies the market is exactly touching the upper band
- A negative value means the market price is below the lower band.
- A value above 100% means the market price is above the upper band.
- Different colors are used depending on the value to assist in visualization.
- Buy when the value is close to 0%.
- Sell when the value is close to 100%.
- Period: Averaging period for calculation of the Moving Average
- Deviations: Statistic for defying how wide the bands will be.
- Detect_Fractionals: Setting this to true will allow the indicator to determine if fractional pips are used by the broker and automatically adjust the value displayed at the Bands Length (will display a value 10 times smaller if fractional pips are found).
- Currency #: Which currency pair to be analyzed at the position #.
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