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Hello I need someone to develop my trading strategy into an indicator, below are the details as I can best describe.
SETTING UP THE STRATEGY
The strategy is set up using the default Bollinger settings on the MT4 or MT5 software.
The trend indicator is entered thrice, with slightly different tweaks to the each as below;
Period 20 Deviations 1, Period 20 Deviation 2, and lastly Period 20 Deviation 3
All Shift 0
and all Apply to close.
It is preferable to have different colours for each deviation as it aids for easier recognition.
Additional settings to be added are the Oscillators settings which for convenience, we would prefer to use the Relative Strength Index and the MACD.
The RSI would be at period 14, should be overbought and above 70 for a sell signal, and oversold below 30 for a buy signal
MACD settings are Fast EMA 12, Slow EMA 26 and MACD SMA 9 all applied to close. Regular MACD Sell and Buy Signals apply
UNDERSTANDING THE BOLLINGER STRATEGY SETUP
As you will notice, there will be 7 strands on the screen they all serve as support and resistance levels. The most important strands for the strategy will be the the mean (the 4 thstrand counting anyway), and the top and the bottom strand.
Now when a trend is forming, you want to observe at what divide of the mean it is. A stronger Sell signal is usually underneath the mean while a stronger buy signal is usually above the mean.
Also, you would notice the width between the strands of the Bollinger strategy at different points on the chart, that is a result of strong trend movement. When the trend is strong, the strands are directed against themselves stretching outwards and when the trend is weak or ranging the bands squeeze in.
So, worthy of note for emphasis are;
The 7 strands of the Bollinger acting as support and resistance levels.
The Top Strand, the Mean and the Bottom Strand.
The size of the Bollinger when a trend is strong and weak.
The direction of the tip of the strands.
USING THE BOLLINGER STRATEGY
The attached diagram on a daily TF of the NZDUSD and following the markings using the numbered arrows;
NUMBER DESCRIPTIONS AS SEEN ON THE ATTACHED IMAGE
1. Overall, the Bollinger bands are squeezed which signifies a ranging market and a NO Signal. It touches the bottom strand which is a strong support indication and is reversed to a buy.
2.) A sudden news event triggers a sharp move in both directions. Always set SL and TP on all trades. The next candle that forms is a sell candle under the mean as the mean has not yet been broken.
3.) This candle is your confirmation candle and entry is at the close of that candle. Stop Loss is the high of the previous candle or if you have pivot levels, 5-6 pips above the next resistance. As you notice, the doji formed is followed by a strong sell candle which you would ride.
4.) The Bollinger bands have expanded, and you have gotten to a strong support level which is the bottom. On the reversal, you jump out.
5.) Notice that the trend could not break the mean of the Bollinger bands and ignites a sell.
6.) The first candle to form above the mean.
7.) Your entry point following the previous candle as signal.
8.) An indecisive market which you should stay out of.
OTHER INFORMATION
Indicator should be able to scan through the market watch with emphasis on the H1 and H4 timeframe for entries whilst using the Daily time frame to spot setups.
AUTOMATIC SL: Below or above previous structure levels or use of ATR. TP: Based on Fibonacci expansion levels or Fibonnacci 38.2 or 61.8 levels
Should come with push notifications, on chart alert, when setup criteria is met and a dashboard to show completed strategy over different pairs, indices, metals etc.
