The indicator displays the Bollinger bands on the chart, plotted based on the root-mean-square moving average of the lines. The screenshots show the standard indicator (monochrome lines) and the SqrtBands indicator (red and yellow lines) on the same time interval. It can be easily seen that the bands of the second indicator are located much closer to the price and show its movement more accurately.
The indicator parameters
- SqrtPeriod - period of the root-mean-square line and the standard deviation.
- SqrtDev - standard deviation multiplier
- SqrtPrice - applied price (drop down list)
- BarsCount - number of processed bars (reduces download time when attaching to the chart and using in programs).