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2011.08.08 10:44
Welch Bollinger Band ® Width

Welch Bollinger Band ® Width - indicator for MetaTrader 4

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Views:
10674
Rating:
votes: 1

Author:

maj1es2tic (Tim Welch)

Description:

This indicator takes the current Width of the Bollinger Bands and compares it to the Maximum and Minimum Width of the Bollinger Bands over N periods (WidthCalcPeriod).

If the calculated percentage is less than or equal to MinRangePercent, then the histogram shows Green. If the calculated percentage is 2x the MinRangePercent, then the histogram shows Yellow. If neither of those match, the histogram shows Red.

This works out well to quickly see if the currency pair is ranging, or about to break out of range. If you set ShowWidthLine to true, then it will also show a line with the actual width of the Bollinger Bands in PIPS. This should work for 4 and 5 digit brokers and it works on all currency pairs.

Using iCustom to pull out values for an Expert Advisor or other Custom Indicators:

You should be able to pull out any of the values externally using the following code:

int period=0; // how far back do you want to look? 0 == current bar. 1 == previous bar, etc.
              // At any given time, only one of these 3 will have a value greater than 0. That value is 300.

double WelchBBWidth_Green = iCustom(NULL, 0, "WelchBBWidth", 20, 0, 2.0, 20, "x", 100, "x", false, 0, period);
double WelchBBWidth_Yellow = iCustom(NULL, 0, "WelchBBWidth", 20, 0, 2.0, 20, "x", 100, "x", false, 1, period);
double WelchBBWidth_Red = iCustom(NULL, 0, "WelchBBWidth", 20, 0, 2.0, 20, "x", 100, "x", false, 2, period);

// This will give you the actual width in PIPs of the Bollinger Bands
double WelchBBWidth = iCustom(NULL, 0, "WelchBBWidth", 20, 0, 2.0, 20, "x", 100, "x", false, 3, period);

// These will give you the actual Bollinger Band Line values.
// These are the values that would be plotted on the MAIN chart, so it's based on price on the chart.
double WelchBBWidth_MiddleLine = iCustom(NULL, 0, "WelchBBWidth", 20, 0, 2.0, 20, "x", 100, "x", false, 4, period);
double WelchBBWidth_UpperLine = iCustom(NULL, 0, "WelchBBWidth", 20, 0, 2.0, 20, "x", 100, "x", false, 5, period);
double WelchBBWidth_LoweLine = iCustom(NULL, 0, "WelchBBWidth", 20, 0, 2.0, 20, "x", 100, "x", false, 6, period); 

You could put something like this in your Expert Advisor:

/*
* int areWeRanging(int period=0)
*
* Returns 1 for GREEN (ranging)
* Returns -1 for YELLOW ( start/end of range)
* Returns 0 otherwise (no range)
*/

int areWeRanging(int period=0) 
{
 double WelchBBWidth_Green = iCustom(NULL, 0, "WelchBBWidth", 20, 0, 2.0, 20, "x", 100, "x", false, 0, period);
 double WelchBBWidth_Yellow = iCustom(NULL, 0, "WelchBBWidth", 20, 0, 2.0, 20, "x", 100, "x", false, 1, period);

 if ( WelchBBWidth_Green > 0 ) 
 {
   return (1);
 } 
 else if ( WelchBBWidth_Yellow > 0) 
 {
   return (-1);
 }

 return (0);
}

// Check to see if we are coming out of a range. 
// This tells us that the LAST candle was still in a range,
// but the current candle is now breaking free of the range.
if ( areWeRanging(1)==1 && (areWeRanging(0)==-1 || areWeRanging(0)==0) ) 
 {
  Print("We were ranging, but have now broken out of the range! Make a trade if other indicators confirm the breakout!");
 }

** Use any/all code at your own discretion, and only place real trades when you have confirmation of other indicators. **

Image:


*NOTE: The dark grey vertical lines and red arrows were added to show the correlation of the indicator to the bollinger bands on the chart and they will NOT show up on your chart.

Enjoy!

-Tim

Last comments | Go to discussion (6)
toddanderson
toddanderson | 13 Aug 2011 at 22:04
maj1es2tic:

For what it's worth, the best settings that I have found for use on AUDUSD for the 30m chart is: MinRangePercent=25, WidthCalcPeriod=60, (everything else default)

You can also set your colors differently. I thought about it later that swapping the Red/Green colors would be good. That would make the ranging/squeezing period RED, since that is when you DONT want to trade.


Could you make this into a multi time frame indicator
MQL4 Comments
mql4_comments | 17 Aug 2011 at 04:52
great idea thanks for sharing
Jae Won Lee
heyjae | 6 Aug 2012 at 16:12

It's worderful, I appreciate you. :)

Ersin Demirbas
aed71 | 11 Jul 2013 at 13:05

Hello,

I like this indicator, thanks however I cannot run it over EA. I complied the indicator and put it in the folder "/experts/indicators". The settings are both same in EA and indicator but the function AreWeRanging(1) always returns 1 in EA. I tried to understand if it returns an error but I couldn't manage it by GetLastError() function.

Can someone comment how to make it run on EA or how can I trace that the iCustom() returns the correct values???

Thanks in advance!


int areWeRanging(int period=0) 
{
 int e=0;
 double WelchBBWidth_Green = iCustom(NULL, 0, "WelchBBWidth", 20, 0, 2.0, 20, "x", 100, "x", false, 0, period);
 double WelchBBWidth_Yellow = iCustom(NULL, 0, "WelchBBWidth", 20, 0, 2.0, 20, "x", 100, "x", false, 1, period);
 e=GetLastError();
   if(e!=0) { 
      Alert("iCustom Error ---- > ",ErrorDescription(e),"  Err code=",e);
      return;
           }
 if ( WelchBBWidth_Green > 0 ) 
 {
   return (1);
 } 
 else if ( WelchBBWidth_Yellow > 0) 
 {
   return (-1);
 }
 return (0);
}
tsering dawa lama
tsedawa | 30 Jul 2013 at 12:37
maj1es2tic:

For what it's worth, the best settings that I have found for use on AUDUSD for the 30m chart is: MinRangePercent=25, WidthCalcPeriod=60, (everything else default)

You can also set your colors differently. I thought about it later that swapping the Red/Green colors would be good. That would make the ranging/squeezing period RED, since that is when you DONT want to trade.

this code is not working for me. how did you manage to put that in your EA? please help me. thanks