Better Bollinger Bands... - page 5
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Thanks, so if the triple-coloured centre band was removed would this help reducing the code to allow for dual-colour outer bands?
The centre band needs only a single colour.
The outer bands are the ones that predict what I call the 'Accelerator' points in the chart. The closer the outer bands get together, the bigger or quicker the following move.
At the moment the indicator has 4 alert criteria
1. Current (I am not sure what this is for as I've not seen it fire this alert)
2. BBreak (when the price crosses outside the upper or lower bands - easy to see on chart)
3. OnSlope (presumably when the upper or lower bands change direction - this is where the colour change of the upper or lower bands would help to clarify the move)
4. Onpricecrossma (when the price crosses the centre band).
In summary, if the centre band was made into a single colour and the upper or lower bands made dual colour (up and down only) would this be a possiblity?
Regards
TEAMTRADERTeamtrader, to color one line requires 4 buffers, so for example one the mid band the main buffer would be the ma, the coloring is 2 more buffers(sloping up/down) and a buffer that determines the slope direction, so for the outside bands think maybe can get by with 7 buffers but probably more like all 8 of the buffers. So then there are none left for the alerts.
Understood.
It looks as though a new indicator is needed to get the squeeze setting (value between the bands) for a separate alert. I've not seen an indicator like that which is a pity as BB are made for these springboard areas.
Have you heard of, or seen, an adjustable indicator that can alert to the BB squeeze?
Another solution would be to remove all alerts to get a 'visual only' indicator for the outer bands but it would still need an alert for the squeeze.
Thanks again for your input, it is much appreciated.
Regards
TEAMTRADER
Understood.
It looks as though a new indicator is needed to get the squeeze setting (value between the bands) for a separate alert. I've not seen an indicator like that which is a pity as BB are made for these springboard areas.
Have you heard of, or seen, an adjustable indicator that can alert to the BB squeeze?
Another solution would be to remove all alerts to get a 'visual only' indicator for the outer bands but it would still need an alert for the squeeze.
Thanks again for your input, it is much appreciated.
Regards
TEAMTRADERTEAMTRADER
Not sure if that is what you are looking for, but did you check how the BB Squeeze indicator works? For example a couple of indicators from this thread : https://www.mql5.com/en/forum/175337The idea for BB squeeze is to use Keltner channel as a criteria for a "squeeze" and it seems to be working fairly good.
I've got those indicators and whilst they are quite good, their use on a Range or RenkoRange chart is not ideal.
With Range or RenkoRange charts, the value of the range can be set and so the 'squeeze' can be identiied accurately by measuring the high and low of all previous accellerator areas. The squeeze is usually between two to four times the size of the range setting, but unless you have an alert for this situation, the chart has started the move before it can be recognised.
I've tried adjusting the setting of the Keltner figures but none of them get the accuracy of the 'on-screen' chart BB squeeze.
The closest indicator I have is attached squeeze (flat) BB but it still cannot reproduce the accuracy of the Best BB indicator as this too needs to have up/down colours of the upper and lower bands.
How I previously used this was to place the Osma indicator on chart and to drag the BB flat on top of it to show a 'mini-chart' under the main chart - it is the lower indicator on the screengrab.
This BB flat indicator does not have an alert - I used horizontals (in yellow on the grab) to alert me to higher probability set ups but you have to be watching the screen all the time, not ideal.
I'll either have to get a proper indicator made or settle for what I have currently.
Thanks for your efforts MrTools, they are very much appreciated.
Regards
TEAMTRADER
I've got those indicators and whilst they are quite good, their use on a Range or RenkoRange chart is not ideal.
With Range or RenkoRange charts, the value of the range can be set and so the 'squeeze' can be identiied accurately by measuring the high and low of all previous accellerator areas. The squeeze is usually between two to four times the size of the range setting, but unless you have an alert for this situation, the chart has started the move before it can be recognised.
I've tried adjusting the setting of the Keltner figures but none of them get the accuracy of the 'on-screen' chart BB squeeze.
The closest indicator I have is attached squeeze (flat) BB but it still cannot reproduce the accuracy of the Best BB indicator as this too needs to have up/down colours of the upper and lower bands.
How I previously used this was to place the Osma indicator on chart and to drag the BB flat on top of it to show a 'mini-chart' under the main chart - it is the lower indicator on the screengrab.
This BB flat indicator does not have an alert - I used horizontals (in yellow on the grab) to alert me to higher probability set ups but you have to be watching the screen all the time, not ideal.
I'll either have to get a proper indicator made or settle for what I have currently.
Thanks for your efforts MrTools, they are very much appreciated.
Regards
TEAMTRADERTeamtrader, made these, the upper and lower change colors and alerts when slope changes.
Excellent.
It will help hugely in assessing the signals.
I will test it thoroughly next week.
Many, many thanks MrTools.
Regards
TEAMTRADER
They are far, far better than moving averages for visual aids.
TEAMTRADERSeems a bit subjective to me, just opinion... Bb is the dev of MA after all, im not sure what is 'better' in this case... The problem with the bandwidth is that it is totally varying and varying from tf to tf, so hard to indicate, have you tried simple bandwidth indicator, called something like that or bandwidth% etc, then you can say below 0.25 is squeeze... If its not done, probably cant be done, traders have been using bb and these techniques for centuries
I've been testing the signals all day but the actual signals from the Better BB indicator (as confirmed with the changes in colour) are 9 incorrect signals out of 31. I could have only found this out with your indicator - so many thanks.
As the indicator signals have proved unreliable I was lucky enough to have seen a very easy to recongise pattern that will give high probablity entries and indicator based exits.
I'd looked at the bandwidth indicators, but they are usually under the chart indicators.
What is needed is an adjustable BB chart indicator (like the 'Better' version) but with the extra adjustment to offer accurate signals based on width between the outer bands.
On reflection the indicator is not needed, it is the alert that is needed and the accuracy can be checked from the indicator you adapted to coloured bands.
At the moment I have to check the upper and lower values manually which is too time consuming.
I will continue to test tomorrow with what you have given me but visually, with the range bar candles, this is already looking TGTBT.
Regards
TEAMTRADER
PS
The reason it may not have been done before is that I look at Range or RenkoRange to assess patterns - as they are far more reliable than timebased information.
Appreciation screengrab!
I've had to write in where the alert squeeze would fire a signal - this was all done on a live chart as it happened.
I hope you can see clearly that Range bars with this coloured outer BB with an alert is a TGTBT situation.
Is an alert possible based on the adjustable parameters of the outside bands?
This can be used as a precursor to an entry via an EA using the value of the central bands as they cross.
I think I am in the wrong thread for a new indicator - any advice on where to post?
Thanks
Regards
TEAMTRADER
MrTools,
I've got over the problem of an alert when the bands get close - but had to use 3 BB indicators.
This has finished the task - this is the scalpers paradise template using your BB colours.
Thanks for your skills - do you want this template to trade or will the BB settings be sufficient?
TEAMTRADER