MetaBands uses powerful algorithms to draw channels and detect trends so that it can provide traders with potential points for entering and exiting trades. It’s a channel indicator plus a powerful trend indicator. It includes different types of channels which can be merged by the user to create new channels simply by using the input parameters. MetaBands uses all types of alerts to signal market events to the user.
- Supports most of the channel algorithms
- Powerful trend detection algorithm
- Capability to merge different types of channels
- Multi-Timeframe and Multi-Currency (Signal Matrix)
- All types of alerting functions (Sound, Screen Flasher, Push Notifications, Email, Popup)
- It never repaints
MetaBands detects the trend by using a blue trend line which oscillates inside a channel. When the trend line meets the upper band, it indicates the start of a downtrend, and conversely when it meets the lower band it's start of a downtrend. However, if the trend line moves close to the center line, the market is in consolidation.
Entry and Exit SignalsWhen the trend changes or the price crosses the upper or lower bands MetaBands immediately alerts the trader through different methods.
Signal MatrixTo monitor multiple symbols from different timeframes and see the signals all in one place, click the upper right button or press M on your keyboard to open the Signal Matrix. This Matrix gives you a quick overview of what’s going on in the selected symbols and timeframes. Use the lower left box to add more symbols to the matrix. Write the name of a symbol and press enter to add it. You can also use regular expressions. For example, if you need to add all symbols that start with USD write usd* and press enter. To browse through history, click the _|_ button and hold down the ctrl key then move your mouse around to see the matrix in different times.
MetaBands uses different algorithms to draw its base channel. Average True Range, Standard Deviation and regression algorithms. The inputs which have to be adjusted for the selected type are also mentioned in the name of the channel type. Please feel free to contact me if you have ideas for adding to this list.
Maximum window size. This input is actually a multi-input field which allows you to combine multiple channels into one single channel. For example, if you select ATR for the channel type and enter 100, 50, 100r, 80s, MetaBands will combine the four channels. The first "100" and "50" channels are of the type ATR, and the third one is a 100 REG channel and the last one is a 100 STD channel. So, you can specify the type by writing the first letter of the name of the channel type at the end of each period.
Degree specifies the type of the moving averages used by a channel. 0 = SMA, 1 = EMA, 2 = Double EMA, 3 = Triple EMA, 4 = Quadruple EMA, 5 = Quintuple EMA, and so on.
Deviation from the center line. It’s the same as the deviation input in the Bollinger Bands indicator.
Alpha defines the behavior of the trend detection algorithm. The bigger the Alpha the faster the Trend line moves. To get a relatively faster trend line, use a negative value for Alpha. A negative Alpha makes the algorithm to predict the future of the price, that’s why the result is a faster trend line.
Smart Trend algorithm changes the alpha automatically internally to cancel the trend noises. The initial value of alpha is important even if you enable this feature.
Smooth [Period, Degree]
Use this input in case you need to smooth the channel. It’s a multi-input field. A single value will be a simple moving average. You can write a comma and enter another value for the degree of the moving average. For example, the input 100,2 tells the indicator to use a Double EMA with period 100 to smooth the channel.
All input parameters listed in the name of a channel type are multi-input fields. For each field you can enter multiple values that are comma separated. For example, if Period = 100, 50, 25, 12 then you may enter 3,2,1 for the Degree. As you noticed the number of degrees is less the number of periods (channels); MetaBands will use the last degree for the rest of the channels.