An oscillator that duplicates the chart of a selected asset in a separate window in three ways: line, bars and candles. This is essentially an indicator Bollinger bands, displayed in a separate window. In my opinion, it will be useful for beginners as a way to look at various technical signals from a different angle. This indicator helped me in an adviser for filtering unfavorable moments for trades.
Calculation of a standard assessment and its conclusion in the form of candles.
Formula:
μ - moving average
σ - is the standard deviation
Parameter Description
Period | calculation period | |
Symbol | simbol, an empty value is the current simbol | |
Reverse | reverse indicator values | |
Applied price | estimated price. By default, Median Price (HL / 2) is used as the least prone to redrawing | |
Value and line price | type of chart: Line, Bar - High/Low price, Candlestick | |
Bull color | color of the bull candle / bar | |
Bear color | color of the bear candle / bar | |
Background color | background color | |
Body width | thickness of the body of the candle; 0 - auto detect, 1 - body is hidden | |
Maximum bars | maximum number of bars displayed. If 0 - no limit. | |
Shift | shift of the indicator values |
Ways of interpretation:
1. When you hold a trade and it is in the positive zone, moving the indicator values from 2 to 4 indicates a likely local rebound soon, so you should think about fixing a position if your trade is designed for short movements.
2. Confirmation signalas of breakout trading ranges, as well as the provision of early signals for transactions.
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