As far a I remember there is a keltner channel that uses averages (found this one for now : https://www.mql5.com/en/forum/general)
Can you make the indicator adaptive lookback so i can see if it will behave better than the original when i new bar is created ?
It will alerts you as soon as the price penetrates the bands as long as you ask for alert on a current, still opened bar
Not really , this is how it look like the secound the indicator alerts you that it has penetrated a band , in this case the upper , as you can se the price is already half way down in the bands width and that is often the most the bar goes in the same way before it turns the other way around.
this is why im asking for a adaptive lookback so hopefully it will prevent this .
The problem is that the band moves down in to the price because it follows the price too much, as i described earlier.
Will try to see if something can be done according to your ideas
Can alert be added to this indicator when the price breaks one of the lines ?
Mladen, this caterpillar needs help, it must be made endpointed I also wonder how it looks like.
Simply use end pointed SSA (since "caterpillar" is renamed SSA). That is all you need to do
Am I correct that the outer band is never broken?
Dont look at the band on the main chart, it was only something i played with until i found the indicator that is in the subwindow , and its that one i made a request about
But the caterpillar are using bands
The problem with end-pointing is the following : imagine that you have a 500 bar ssa. To make it end-pointed you have to calculate 500 bars for each and every bar of the current time frame. In the case of end-pointed ssa bands (since, as I tried to explain "caterpillar" is just a renamed ssa bands) you would have to calculate, in the case of bands, 3 x 3 x 500 bars on each tick (you might do it with 2 x 3 x 500, but even in that case that is 3000 bars on each tick)