MT5 ships with the Envelopes indicator. This indicator allows you to create equidistant bands from a moving average by specifying a “deviation.” Unfortunately, the deviation is an arbitrary number. You might determine that 0.220 works well to contain 95% of close prices for USDCHF,H1, but when you change the period to H4, most of the bars are now outside the bands.
So, I created this self-tuning indicator. Instead of specifying a percent “deviation,” you specify the percent of...
This indicator shows the narrowest bar within the past seven bars, which is known as NR7 in the literature.
It will also show the NR4 bar.
The range is variable; thus, you can show any two ranges, e.g. NR7/NR4, NR11/NR6, etc. For the description of this indicator, I will continue to use the default of seven (7) and four (4).
If an NR7 bar also happens to be an Inside Bar, it gives a stronger signal. Thus NR7IB are denoted in another color. Sometimes this is known as NR7ID (for Inside Day)....
BBTrend is a relatively new indicator developed by John Bollinger to work with Bollinger Bands™. It is one of only a few indicators that can signal both strength and direction making it a very valuable tool for traders.
The calculations are fairly simple. The default periods of 20 and 50 are shown, but these can be changed through the parameters.
Lower = MathAbs(lowerBB(20) - lowerBB(50))
Upper = MathAbs(upperBB(20) - upperBB(50))
BBTrend = (lower - upper) /...