Super Bollinger Bands
This is a forward-looking indicator for trading on all instruments. An advanced version of Bollinger Bands indicator created by outstanding analyst John Bollinger. One of the main differences of Super Bollinger Bands indicator from its predecessor consists in displaying upper and lower ribbons behavior on the middle line with some specific colors. Thus, the indicator gives a trader some visual information about trend development for the current moment, and not for the past, as majority of other indicators do. It supports sending signal notifications by email and also as alerts.
The indicator shows, in what direction the price will move, and is a forward-looking to a certain extent. It also informs about moments of movement damping allowing the trader to timely orientate himself or herself and exit the market before the movement changes. When you use the Super Bollinger Bands indicator, you don't have to look at ribbons all the time, as their behavior is sufficiently described by the middle line.
- bb_period - ribbons period (20)
- bb_dev - ribbons deviation (2)
- bb_shift - shift (0)
- bb_price - apply calculation to (Close Price)
Super Bollinger Bands Settings
- mode_ma - moving average drawing mode. Full drawing - full drawing regarding a trend direction and a direction of ribbons movement. Simple drawing - regular drawing regarding a trend direction. (Full drawing)
- draw_bb - show/hide ribbons. true - show ribbons. false - hide ribbons. (true)
- cmp_dev - acceptable error to compare characteristics in the process of drawing (0.0001)
If you increase cmp_dev parameter, the drawing will be less sensitive, if you decrease this parameter, the indicator will draw a lot of false signals. We recommend to set the parameter according to ribbons settings and price movement.
- send_mail - enable/disable sending signal notifications to email (true)
- send_mail_test - enable/disable sending test notification to email when the indicator starts (false)
- alerts - enable/disable signal notifications via alerts (true)
- uptrend_accel - enable/disable the "Acceleration uptrend" signal (true)
- uptrend_fad - enable/disable the "Fading uptrend" signal (true)
- downtrend_accel - enable/disable the "Acceleration downtrend" signal (true)
- downtrend_fad - enable/disable the "Fading downtrend" signal (true)
Attention! The email notifications as well as alerts do not work in testing mode, instead, messages are printed to the Experts Journal. This function works if alerts=true.
Settings of Lines Colors and Width
- flet_cl - color to display flat (Yellow)
- trend_up_cl - color to display downward direction (DeepSkyBlue)
- trend_down_cl - color to display upward direction (DarkOrange)
- accel_up_cl - color to display ascending trend boosting (BlueViolet)
- fad_up_cl - color to display fading ascending trend (SaddleBrown)
- accel_down_cl - color to display descending trend boosting (Magenta)
- fad_down_cl - color to display fading descending trend (FireBrick)
- width_lines - lines width (2)
The first operation mode of the indicator: mode_ma = Full drawing - full drawing of the middle line regarding the ribbons movement direction. Characteristic features.
- Ascending movement boosting: the line is painted violet (BlueViolet).
- Ascending movement damping: the middle line is painted brown (SaddleBrown) цвет.
- Descending movement boosting: the line is painted pink (Magenta).
- Descending movement damping: the middle line is painted "fire brick" color (FireBrick).
Other lines colors show a movement direction.
- Upward movement: blue (DeepSkyBlue) color.
- Downward movement: orange (DarkOrange) color.
- Side movement: yellow color.
The second operation mode of the indicator: mode_ma = Simple drawing - drawing of the middle line movement direction without regard to ribbons movement and drawing of ribbons regarding their direction.
How to Trade
The Bollinger Bands indicator settings are performed in such a way that the main part of the price is always inside the envelope formed by ribbons. When the price moves closer to one of the ribbons or cross it, ribbons start expanding which allows a trader to estimate the beginning of the price movement. When the price starts moving and the ribbons start expanding, the indicator paints the middle line in violet for the ascending movement (ascending movement boosting) and in pink for the descending movement (descending movement boosting) which can be a signal to enter the market.
Following signals on the middle line can serve as exit signals: movement damping (SaddleBrown color for ascending movement or FireBrick color for descending movement), flat (yellow color of the line) and change of movement. The largest movement can be earned when the movement is changed. Thereat, there might be several boostings and dampings before such change.
Added new parameters.
send_mail - enable/disable sending signals to email
send_mail_test - enable/disable sending test message to email when the indicator starts
alerts - enable/disable signal notifications via alerts
uptrend_accel - enable/disable the "Acceleration uptrend" signal
uptrend_fad - enable/disable the "Fading uptrend" signal
downtrend_accel - enable/disable the "Acceleration downtrend" signal
downtrend_fad - enable/disable the "Fading downtrend" signal
Changed the method for controlling the drawing mode of the moving average (mode_ma). Now, values for this parameter can be selected from a drop-down list.
2. Reduced the default value of cmp_dev parameter