Icarus BolliBand Change Display Indicator
Icarus Bolli-Band Change Display(TM) Indicator is a simple, but highly effective tool for visually identifying areas where the all-important 'Bollinger Band' values are in a state of expansion, contraction of neither.
The traditional Bollinger Bands have been widely applied to trading charts globally since their creation by John Bollinger several decades ago.
One of the limitations of the traditional Bollinger Bands is the ability to clearly identify when the bands are in fact expanding or contracting. This market environment indication is a critical element of any effective signal or strategy, particularly when overlaying other indicators for added confluence.
The Icarus BolliBand Change Display Indicator provides a clear visual indication of when the market environment is in an expansion, contraction or neutral phase.
The Indicator has a full range of optimisable inputs, allowing users to identify settings that best suit their trading style, instruments and preferred timezones.
Optimisable and Customisable inputs include:
- Bolli Periods, providing for a precise setting of duration and sensitivity.
- Bolli width, providing the fully adjustable standard deviation mark
- Expansion Lookback, allowing users to adjust the distance back in time the % of expansion will compare. This feature allows users to ensure the best possible fit for different timeframes and instrument differences
- Expansion % threshold, allowing users to identify allowable limits of expansion, to assist in clearing out 'noise' within the Bolli-Band conditions
- Contraction Lookback, allowing users to adjust the distance back in time the % of contraction will compare. This feature allows users to ensure the best possible fit for different timeframes and instrument differences
- Contraction % threshold, allowing users to identify allowable limits of contraction, to assist in clearing out 'noise' within the Bolli-Band conditions
Full colour and intensity customisation is also build in, ensuring every trader's preferred template style is most well suited.
For users who prefer a chart without the clearly defined BolliBand Change Display shading, the on/off feature allows these elements to be removed and replaced with a coloured control-line only.
The BolliBand Change Display Indicator is an integral part of many Icarus Signal automated strategies, across FX, commodities and equities. It applies equally well to shorter timeframes as with longer timeframes, with customisation ensuring the best possible fit for your trading style.
The combination of the Bolli-Band Change Display Indicator with other indicators, including the suite of Icarus Indicators can be a powerful tool in your trade development arsenal.
With the Icarus Reversals Indicator and Icarus Continuation Indicator both having in-built Bolli-Band code overlay, users have the opportunity to perfectly fit the combination of Icarus Indicator parameters to meet their preferred trading style and instrument types.
If you have any questions or would like additional information, please don't hesitate to contact the Icarus team via the MQL5 community, or via email at: firstname.lastname@example.org.
YouTube Tutorial Video coming soon!
Yours in trading confidence