MovingAverageDeviationBandsMT5Pro

MADBandPro Parameter Manual

MADBandPro is a highly functional band tool that goes beyond the concepts of traditional Bollinger Bands and Keltner Channels and allows you to select the median or robust statistics (MAD: Median Absolute Deviation).
In addition to the traditional MADBand, the Pro version also includes multi-timeframe (MTF) analysis and a comprehensive alert function.

Below we will explain all the parameters and options in detail.

1. Main (basic settings)

Timeframe

• Default :   current   (Current timeframe)
• Comments : Select the timeframe to use for the calculation.
  • MTF (Multi-Timeframe) function : If you select a "higher" timeframe than the current chart here (e.g., select H1 on an M5 chart), the bands of the higher timeframe will be overlaid on the current chart.
  • Sync Correction : In MTF mode, an automatic sync function is activated to prevent display misalignment due to data loading delays.

Period

• Default :   20
• Explanation : The length of the period (number of candlesticks) over which the moving average or deviation is calculated.

Shift

• Default :   0
• Explanation : Shift the whole band left or right (plus = future, minus = past).   0   is.

Center Method (Centerline calculation method) [Enum]

Select the formula to draw the center of the band (Mid line).

• SMA (Simple Moving Average) : Simple moving average. Standard.
• EMA (Exponential Moving Average) : Exponentially smoothed moving average. Sensitive to recent movements.
• WMA (Weighted Moving Average) : Weighted moving average. Linear weighting.
• SMMA (Smoothed Moving Average) : A smooth moving average that shows slow fluctuations and long-term trends.
• ZLMA (Zero Lag MA) : A special EMA that minimizes lag. Ideal for scalping, etc.
• TMA (Triangular Moving Average) : A triangular moving average that draws a smooth line through double smoothing.
• MEDIAN (Robust Statistic) : Uses the "median" within the period. It has robust properties because it can completely ignore the influence of outliers (spikes).

Applied Price [Enum]

The candlestick price data to use in the calculation.

• Close : Closing price
• Open : Opening price
• High : High price
• Low : Lowest price
• Median :   (High + Low) / 2
• Typical :   (High + Low + Close) / 3
• Weighted :   (High + Low + Close x 2) / 4

Deviation Method [Enum]

The calculation logic that determines the band width.

• Bollinger (Standard Deviation) : Uses standard deviation. The bands widen significantly with sudden price fluctuations (volatility-following type).
• ATR (Average True Range) : Keltner Channel method, which uses ATR (average price range) and maintains a stable bandwidth.
• MAD (Median Absolute Deviation) : Median absolute deviation. It measures pure volatility and is less affected by outliers than standard deviation. It prevents excessive band widening due to false positives.
• Quantile Sigma : Calculates the sigma equivalent range from the difference between the statistical quantiles (84.13% and 15.87% points). Suitable for real-world market data that does not follow a normal distribution.
• Blend (Linear Blend) : Mixes "Standard Deviation" and "ATR" in the specified ratio (adjust with Blend Weight).
• Max (Max of StdDev & ATR) : Always use the larger of the "Standard Deviation" and "ATR". Since it always uses the wider band, it acts as a filter to avoid false breaks.

ATR Period

• Default :   14
• Explanation : Deviation Method   ATR, Blend, Max   The ATR calculation period used when is selected.

2. Deviation Settings (Bandwidth Adjustment)

Deviation Multiplier (Overall Multiplier)

• Default :   1.0
• Explanation : The coefficient that adjusts all deviations at once. 1.0   Then just leave it as it is, 1.1   Then we'll expand it by 10%.

Blend Weight

• Default :   0.5
• Explanation : Deviation Method   Blend   This is only valid if you select
  • 0.0: Perfect standard deviation (Bollinger)
  • 0.5: 50:50 blend of standard deviation and ATR
  • 1.0: Full ATR (Keltner)

3. TailRisk (Tail Risk Guard Function)

A function that detects abnormal fluctuations in the market and temporarily forcibly expands the band to protect your position.

Use one-sided CVaR guard

• Default :   false
• Description :   true   It is normally the normal band, but it will be extended only when a risk is detected.

Tail window (N)

• Default :   100
• Description : The historical period monitored for risk calculations.

Tail alpha (worst %)

• Default :   0.10
• Description : The probability threshold for an anomaly.

Tail weight (beta)

• Default :   1.0
• Explanation : The strength of the band expansion when guard is activated.

Tail Components (Risk Measurement Source) [Enum]

Specify what you want to measure upside and downside risk based on.

• HO (High - Open) : Upper shadow or the body of a bullish candlestick + upper shadow. Upward pressure.
• OL (Open - Low) : Lower shadow or the body of a bearish candlestick + lower shadow. Downward pressure.
• HC (High - Close) : The width of the reversal including the upper shadow (in the case of a bullish candle) and the body.
• CL (Close - Low) : The width of the reversal including the lower shadow (in the case of a bearish candle) and the body.

4. Levels (Display Line Settings)

Visible ±1~5 sigma

• Explanation : Turns the display of each band ON/OFF.

±1~5 sigma Multiplier

• Explanation : Set the magnification for each band.
  • InpDev1 : 1.0σ
  • InpDev2 : 2.0σ ( *Alert criteria )
  • InpDev3 : 3.0σ
  • InpDev4 : 4.0σ
  • InpDev5 : 5.0σ

5. Alerts

InpDev2 (typically ±2σ)   It will notify you when the price touches the line or breaks it on a confirmed bar.

Alert Enable

• Default :   false
• Explanation : The main switch for the alert function.

Notification means

• AlertSound : Play sound (waveform file can be specified with InpAlertFile)
• AlertPopup : Popup on the MT5 screen
• AlertPush : Push notifications to mobile apps
• AlertEmail : Send email

Alert Bar Close

• Default :   true
• Description :
  • true: Determined based on the value at which the bar is confirmed (closing price break is guaranteed).
  • false: Judged the moment the touch is made during the formation of the bar (real time).

Configuration Example

This is an example of a specific parameter combination that makes use of the diverse functions of MADBandPro.

A. Standard Settings (Basic)

1. Classic Bollinger Bands Settings

This setting makes the behavior the same as the commonly used Bollinger Bands.

• Center Method :   SMA
• Applied Price :   Close
• Deviation Method :   BB   (Bollinger)
• Period :   20

2. Keltner Channel Settings

This is a classic and reliable channel that measures the strength of a trend using the ATR.

• Center Method :   EMA
• Applied Price :   Typical   (or   Close)
• Deviation Method :   ATR
• Period :   20
• ATR Period :   20

B. Scalping Settings (Impatient/Fast Reaction)

3. Highly Reactive Scalping Setup (Zero-Lag + MAD)

While improving price tracking, the use of MAD (Median Angle Deviation) reduces the band's overreaction due to sudden shadows.

• Center Method :   ZLMA   (or   EMA)
• Deviation Method :   MAD
• Period :   10   ~   14

4. Scalping Sniper Settings (Zero-Lag + Quantile)

"Quantile Sigma" filters out short-term noise that does not follow a normal distribution, capturing deviations in pure price movements.

• Center Method :   ZLMA
• Deviation Method :   Quantile Sigma
• Alert Bar Close :   false   (For instant entry by touch)

C. Robust and Protective Settings (Focus on avoiding deception and defense)

5. Robust Guardian Settings (Robust Median + Guard)

It eliminates the "fakeouts" that regular Bollinger Bands cannot prevent and captures the essence of the trend.

• Center Method :   MEDIAN   (median)
• Deviation Method :   MAD
• Use one-sided CVaR guard :   true
• Tail alpha :   0.05
• Tail weight :   2.0

6. Robust Trend Filter Settings (Max Deviation)

This is a conservative setting that minimizes false positives and aims to break the band only when a major trend occurs.

• Center Method :   Median
• Deviation Method :   Max   (Use the wider of Bollinger and ATR)
• Use one-sided CVaR guard :   true

7. Statistical Strict & Shock Guard Settings (Quantile + TailGuard)

Normally, we use the statistically rigorous Quantile Sigma to capture fluctuations, but we only use the Tail Risk function to protect against black swan-level fluctuations that occur once in 100.

• Center Method :   Median
• Deviation Method :   Equivalent Sigma from Quantiles
• Use one-sided CVaR guard :   true
• Tail alpha :   0.01   ~   0.05   (Detects abnormalities only at a rate of 1 in 100 to 1 in 20)
• Tail weight :   2.0   ~   3.0   (In the event of an abnormality, the band strength is increased by 2 to 3 times for protection)

D. Special operations/useful functions

8. Robust Keltner Settings

This setting provides a more stable center line than the standard Keltner setting and is suitable for long-term trend following.

• Center Method :   SMMA   or   EMA
• Deviation Method :   ATR
• Period :   50
• Multiplier :   2.0   ~   2.5

9. Hybrid Blend Settings (Balanced Blend)

This setting takes the best of both worlds: the responsiveness of Bollinger Bands and the stability of Keltner Channels.

• Deviation Method :   Blend
• Blend Weight :   0.5   (50:50 blend)

10. MTF Trend Monitor

This setting allows you to grasp the overall picture of the higher time frame (H1) while scalping on the lower time frame (M5).

• Timeframe :   1 Hour   (H1)
• Levels : Set to display only Level 2 (2σ)
• Center Method :   SMA
• You can always be aware of the ±2σ resistance band on the higher time frame.