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Re: Bollinger Bands type indicators for MT4

Jedidiah, Thu Aug 04, 2022 2:24 am

mrtools wrote: Thu Aug 04, 2022 2:13 am Made a mt4 version, not sure how close it is though.
Image
Thank you so much Mr. Tools for loving us so much. .
It Can be improved better.
Can be modified
Bring it closer to Muhammad Elbermawi's Bermaui Band


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Bermaui Bands (BB) is a technical analysis tool that helps filter between ranging and trending price movements. The idea behind this indicator can be explained in the next steps:

Calculate Standard Deviation as an oscillator that moves between 0 and 100. I will name it Bermaui Deviation percent (BD %).
If "BD %" is near zero then volatility is at its extreme. In addition, if "BD %" is near 100 then volatility is very low.
High volatility means a great probability for a trending market, while low volatility means side-way or ranging market.
Middle Line is a Simple Moving Average (SMA) because Standard Deviation is calculated depending on SMA.
Add "BD %" to a simple moving average with the same number of bars in the calculation to get The Upper Bermaui Band.
Subtract "BD %" from a simple moving average with the same number of bars in the calculation to get The Lower Bermaui Bands.
Important Information
Bermaui Bands User's Manual:   https://www.mql5.com/en/blogs/post/718688
Bermaui Bands Expert Advisor Example:    https://www.mql5.com/en/blogs/post/731143


How to use it
Use Bermaui Bands as a filter to help you identify trend direction.
If BB lines separate from each other then there is a great probability that price candles will move in a side-way or a ranging movement.
When BB lines separate from each other and price candles move in between them then trade with a ranging market strategy.
If BB lines combine like a single line then there is a great probability that price will move in a trending movement.
When BB lines combine like a single line and price candles move away from them then trade with a trending market strategy.
Features
Buy & Sell alert signals when price candles penetrate BB lines.
Suggested Stop loss that depends on a percent from Standard Deviation.
A well-designed style that users can control.
Sound, email alerts depending on the user choice.
Bermaui Bands most important inputs
1) Bermaui Bands Settings

Candles [Min =2]:The number of candles used in band calculations. If less than two the indicator will print a message and this parameter will be reset to default (= 50).
Deviation Multiplier [>0]:This parameter will help you to control Bermaui Band's width or how much far the bands can be away from the center-line (default is 2.1). It should be bigger than zero or the indicator will print a message and this parameter will be reset to default.
Bands Width:Choose the width of the bands (the median line will always be a dotted line).
Bands Color:Color of the bands. The default is Gray.
2) Arrow Settings

Show Arrow Signals:Show or hide signal arrows (default is true).
Buy Arrow Color:Default is Blue.
Sell Arrow Color:Default is Red.
3) Alert & Email Settings

Send Alert:Choose to use or stop alert sound and message Default is true.
Send Email:Option to send messages to the user by email. Default is false.
Send Notification:Option to send mobile notifications to the user. Default is false.
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