Advanced MTF Bollinger Bands
- Bollinger Bands - multiple timeframes
- Indicator used - Bollinger Bands
Traditional multiple timeframe indicator always has an issue of REPAINTING when a trader wants to establish his/her strategy using Multi-Time-Frame (MTF).
Generally, you should know how the MTF indicator re-paints. But I will explain with the following example:
Suppose that you are using traditional MTF Bollinger Bands (H4) in (H1) chart. At 15:20, the Bollinger Bands (H4) middle band dropped from 1.30590 to 1.30550 in EURUSD. Now what happens on H1 chart?.. The Bollinger Bands middle band for the candles 13:00, 14:00 and 15:00 will drop from 1.30590 to 1.30550. Similarly, if the current chart is M15 and desired timeframe is H4, the Bollinger Bands middle band for the last 14 candles will drop from 1.30590 to 1.30550.
Here, we present a solution by introducing a non-repainting MTF Bollinger Bands indicator. We cannot explain the idea but we can guarantee no repaints on closed bars. In this indicator, the Multi Time Frame will only affect current bar's bands value.
Supported timeframes: M1, M5, M15, M30, H1, H4, D1, W1 and MN1.
- DesiredTF - empty value means the current timeframe.
- DesiredTFHelp - please consider capital letters. For H1 timeframe, h1 will not be accepted. Also, you cannot enter the timeframe smaller than the current one. For example, you cannot enter M5 on M15 chart.
- InpBandsPeriod - Bands period (default = 20).
- InpBandsShift - Bands shift (default = 0).
- InpBandsDeviations - Bands deviations (default = 2).
- AlertsOn - if true, then the indicator gives alerts when its timeframe is changed.
In the attached screenshots:
- MTF Bands view of M30 in M5 chart
- MTF Bands view of H1 in M5 chart
- MTF Bands view of H1 in M5 chart using Visual Back-Testing