BB Channels indicator

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Hi all,

I have been enjoying this forum a lot and decided that it's time for me to share one of my best indicators. It's basically a abstracted version of multi period bollinger bands.

Below are few screenshots and indicator source file is attached.

How it works? It's kind of simple if you know how bollinger bands work. The red lines are the extreme ranges of bottom lines of bollinger bands. Green lines are the extreme lines of upper lines of bollinger bands. White lines are the extreme points of middle lines of bollinger bands.

If a price breaks out from middle line area and continues to green area, it's usually a sign of uptrend. When price descends back to white area or below the green area, it's usually a sign of a declining trend. The same applies to the red area (bottom part) and downtrend.

If the price breaks through the upper green line (as below) or lower red line it's a sign of a REALLY strong trend.

If the green or red lines are compressed (close to each other) then if the price reaches that level, it usually moves up quite fast because the price suddenly runs through many bollinger band upper or lower lines including many larger timeframe bands on different settings.

Also if the green area is squeezed and red area is wide it is an indicator that healthy uptrend is happening. If the opposite is true, red is squeezed and green is really wide then downtrend is happening. If the upper and lower areas are about as wide, whipsaws will usually occur and there is no clear trend.

The EA I posted to this thread

https://www.mql5.com/en/forum/173055/page37

is based 100% to this indicator with some probability and market time additions.

(texts on upper right corner are not part of this indicator)

 

Mikkom

Thank you for sharing

OILFXPRO

 

No prob, I hope people find new ways to use this indicator and post them to this thread so I can use them too

 

Thanks for giving...it will come back to you...

I cannot find the EA, just the indicator...can you post the EA?

ES

 
ElectricSavant:

I cannot find the EA, just the indicator...can you post the EA?

Sorry the EA will not be released at least at the moment.

 

mikkom

Do you only use this on the Daily charts in live trading?

 

Mostly hourly and daily, hourly more than daily.

(the screenshots are daily because that was the chart I happened to have open at the moment.. )

 

nice, Mikkom! usually hard to achieve good visual perception from "Channels in the Channels"

how you come to such settings (24x720x12)?

-----

in the pict: been playing with indi just to see what's inside - indi's "mechanics", how it works

Files:
bb_chanl2.gif  26 kb
bb_chanl.gif  28 kb
 

hi

mikkom:
Hi all,

I have been enjoying this forum a lot and decided that it's time for me to share one of my best indicators. It's basically a abstracted version of multi period bollinger bands.

Below are few screenshots and indicator source file is attached.

How it works? It's kind of simple if you know how bollinger bands work. The red lines are the extreme ranges of bottom lines of bollinger bands. Green lines are the extreme lines of upper lines of bollinger bands. White lines are the extreme points of middle lines of bollinger bands.

If a price breaks out from middle line area and continues to green area, it's usually a sign of uptrend. When price descends back to white area or below the green area, it's usually a sign of a declining trend. The same applies to the red area (bottom part) and downtrend.

If the price breaks through the upper green line (as below) or lower red line it's a sign of a REALLY strong trend.

If the green or red lines are compressed (close to each other) then if the price reaches that level, it usually moves up quite fast because the price suddenly runs through many bollinger band upper or lower lines including many larger timeframe bands on different settings.

Also if the green area is squeezed and red area is wide it is an indicator that healthy uptrend is happening. If the opposite is true, red is squeezed and green is really wide then downtrend is happening. If the upper and lower areas are about as wide, whipsaws will usually occur and there is no clear trend.

The EA I posted to this thread

https://www.mql5.com/en/forum/173055/page37

is based 100% to this indicator with some probability and market time additions.

(texts on upper right corner are not part of this indicator)

hi thanks for your indicator, how about SL ?

===================

Forex Indicators Collection

 

it look like bollingerband inside bollingerband...can u tell why do you use 720?what timeframe that u prefer to use?

 

Thank you

mikkom:
Hi all,

I have been enjoying this forum a lot and decided that it's time for me to share one of my best indicators. It's basically a abstracted version of multi period bollinger bands.

Below are few screenshots and indicator source file is attached.

How it works? It's kind of simple if you know how bollinger bands work. The red lines are the extreme ranges of bottom lines of bollinger bands. Green lines are the extreme lines of upper lines of bollinger bands. White lines are the extreme points of middle lines of bollinger bands.

If a price breaks out from middle line area and continues to green area, it's usually a sign of uptrend. When price descends back to white area or below the green area, it's usually a sign of a declining trend. The same applies to the red area (bottom part) and downtrend.

If the price breaks through the upper green line (as below) or lower red line it's a sign of a REALLY strong trend.

If the green or red lines are compressed (close to each other) then if the price reaches that level, it usually moves up quite fast because the price suddenly runs through many bollinger band upper or lower lines including many larger timeframe bands on different settings.

Also if the green area is squeezed and red area is wide it is an indicator that healthy uptrend is happening. If the opposite is true, red is squeezed and green is really wide then downtrend is happening. If the upper and lower areas are about as wide, whipsaws will usually occur and there is no clear trend.

The EA I posted to this thread

https://www.mql5.com/en/forum/173055/page37

is based 100% to this indicator with some probability and market time additions.

(texts on upper right corner are not part of this indicator)

Mik

Thank you for sharing ur stuff...looks ineresting

Thanks man

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