Elektra Power Bands
- Indicators
- Version: 1.7
- Activations: 20
Elektra Power Bands draws the horizontal price structure a market has actually argued over,
and it draws each level as a band with a measured width rather than as a line.
WHY A BAND AND NOT A LINE
A support or resistance line is usually drawn on two touches, which means two ticks decide
where it sits. Power Bands does not work that way. It takes the whole population of swing
pivots in the window, highs and lows together, and clusters them by median shift. A band is
where that population concentrates. Its width is the inter quantile spread of the pivots that
formed it, so the width is measured from the data and is never a pip setting you have to
guess at.
The consequence is the point of the tool. One spike cannot create a level, and one spike
cannot move one.
WHAT THE COLOURS MEAN
Green means price is above the band, so it is acting as a floor.
Yellow means price is below the band, so it is acting as a ceiling.
Grey means price is inside the band, so it is neither, and saying otherwise would be untrue.
Colour updates on every tick, because which side of price a band sits on is a live fact and a
floor that has just become a ceiling should say so straight away. The bands themselves are
recomputed once per bar.
IT REFUSES TO DRAW RATHER THAN DRAW NOISE
If there is no usable yardstick, too few pivots, too few touches, or the band does not clear
its minimum, nothing is drawn. An empty chart is a correct answer and the tool will give you
one. The acceptance measure is a geometric mean of five dimensionless factors, so it reads the
same on Copper at 6.50 as it does on an index at 66,000, and no single flattering factor can
carry a band that fails on the rest.
⛔ It does not print a verdict on a band. An earlier version labelled some bands as strong.
That label was tested over 9,346 touches on four symbols and it did not separate bands that
held from bands that did not: low scoring bands held 46.7 percent of the time and high scoring
bands held 45.7 percent. The label was removed. The measure still decides whether a band is
worth drawing at all, and the raw number stays in the tooltip marked as diagnostic only.
WHAT EACH BAND CARRIES
Hover any band for its full arithmetic. Every band shows how many touches formed it and its
width in ATR, so a band on one instrument can be compared with a band on another without
converting anything.
HOW IT BEHAVES ON YOUR CHART
Everything it draws is output. Nothing it draws can be selected or dragged, and nothing in it
reads a chart object back as an input, because a line somebody nudged with the mouse should
move a picture and never a trade.
It has no Comment panel by design. Comment is a single slot per chart and Elektra Power Law
uses it while you drag, so the two are built to run together on one chart without fighting.
NOTES
This is a measurement and drawing tool. It places no orders, modifies nothing on your account,
and requests no trading permission. It is not wired into any Expert Advisor and it changes no
trading decision. It works on any symbol and any timeframe and carries no restriction on
account, broker or period of use.
The bands describe where price has already traded. They are a description of history and are
not a forecast.
