This indicator is a straight port of a well known MetaTrader 4 indicator that is freely available on the Internet. It does not redraw at all. It implements a type of breakout strategy. The arrows indicate market direction. Use the indicator on M15 charts and higher. The indicator draws two bands near price action and generates signals when the price closes below the lower band and also above the upper band. The indicator uses periodic highs and lows to calculate upper and lower threshold bands. No moving average is used.
- SSP = sets the number of bars back from which the highest high and the lowest low will be selected for calculating the upper and lower bands.
- SkyCh = this parameter takes integer values higer than 0 . It regulates the amplitude of the bands and has an inverse relationship to the magnitude of amplitude. The lower the value, the higher the amplitude (the more far apart the upper and lower bands will be) and generates less signals.
- SetSignalAlert = takes true or false value and sets the visual alert on or off.
- SendEmailNotificationOnSignal = takes true or false value and sets email alerts on or off.
- PlaysoundOnAlert = takes true or false value and sets sound alerts on or off.