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- 2018.08.23 13:40
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The indicator was first proposed by Mel Widner ("Technical Analysis of Stocks & Commodities" magazine, July 1995). Along with similar indicators, such as price channels, envelopes or Bollinger bands, it allows you to define the borders of price ranges.
The indicator has one customizable parameter:
- Period - calculation period.
Calculation:
UpBand = Maximum(High, PrevHigh*SlopeHigh) DnBand = Minimum(Low, PrevLow*SlopeLow)
where:
- SlopeHigh - regression line slope of High prices in the Period range;
- SlopeLow - regression line slope of Low prices in the Period range.
Interpretation:
- When the price reaches the upper border, it is considered to be at the resistance level. The market is overbought;
- When the price is located on the lower border, the market is oversold.
In order to sort out signals, use a a detrending oscillator to exclude the trend component, since overbought/oversold levels may be constantly updated by new prices during strong trends, which leads to false signals and losses.
Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/21544
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