from the official website mql5 dot com
An oscillator that duplicates the chart of a selected asset in a separate window in three ways: line, bars and candles. This is essentially an indicator Bollinger bands, displayed in a separate window. In my opinion, it will be useful for beginners as a way to look at various technical signals from a different angle. This indicator helped me in an adviser for filtering unfavorable moments for trades.
Calculation of a standard assessment and its conclusion in the form of candles.
Formula:
μ - moving average
σ - is the standard deviation
Important features:
the last candle (current candle) can be indicator redrawn strongly, especially at the beginning, this is a feature of the calculation formula
сhecking the accessibility of history is not carried out, which is especially true when using a symbol other than the current
Parameter Description
Period calculation period
Symbol simbol, an empty value is the current simbol
Reverse reverse indicator values
Applied price estimated price. By default, Median Price (HL / 2) is used as the least prone to redrawing
Value and line price type of chart: Line, Bar - High/Low price, Candlestick
Bull color color of the bull candle / bar
Bear color color of the bear candle / bar
Background color background color
Body width thickness of the body of the candle; 0 - auto detect, 1 - body is hidden
Maximum bars maximum number of bars displayed. If 0 - no limit.
Shift shift of the indicator values
Ways of interpretation: (see pictures below)
1. When you hold a trade and it is in the positive zone, moving the indicator values from 2 to 4 indicates a likely local rebound soon, so you should think about fixing a position if your trade is designed for short movements.
2. Confirmation signals of breakout trading ranges, as well as the provision of early signals for transactions.
