Bollinger band is one of the famous indicator. But it's implication of 3 lines confuse sometimes and one can not take proper action on time. So, here is the modified version of Boolinger band. You'll get single line here.
Usage is simple. Buy when price closes above red line and you see blue line. Sell when price closes below blue line and you see red line. The sample image below is self-explanatory. The chart is latest EURUSD pair on H4 time frame. You can easily spot the starting of bull run and now starting of bearish phase.
Lastly, I've modified the code to great extent. It was originally by TrendLaboratory. So, the basic coding credit goes to them.
More examples can be found on http://www.DodaCharts.com
Opens and closes orders using parabolic SAR signalsAccelerated MA
MA accelerated with CCi and ATR, easy to stop divergenses on CCi
This indicator relies on price action alone - does the price break a previous High or Low?Urban Towers
The indicator shows the arrows point of entry into the position according to the Urban Towers Scalping Strategy.