Re: Bollinger Band type indicators for MT4
Posted: Thu Apr 20, 2017 11:14 am
Smoothing The Bollinger %b - The "SVE Bollinger Bands"
Bollinger bands were developed by John Bollinger and it consists of 3 lines derived from the moving average and standard deviation of closing price.
Sylvain Vervoort, a Belgium based retired electronics engineer who has been using technical analysis for more than 30 years, came out with an indicator SVE_BB that takes the Bollinger band and converts it to an oscillator that range between 0 and 100 (with overshoots).
The Metastock formula for SVE_BB is:
This indicator is often a leading indicator with smooth and clear turning points. Bullish and bearish divergent signal is helpful in identifying entry and exit points.
This is a version by Mladen, and an article in PDF explaining more about it.
Bollinger bands were developed by John Bollinger and it consists of 3 lines derived from the moving average and standard deviation of closing price.
Sylvain Vervoort, a Belgium based retired electronics engineer who has been using technical analysis for more than 30 years, came out with an indicator SVE_BB that takes the Bollinger band and converts it to an oscillator that range between 0 and 100 (with overshoots).
The Metastock formula for SVE_BB is:
period:= Input("%b period:",1,100,18);
TeAv:= Input("Tema average:",1,30,8);
haOpen:= (Ref((O+H+L+C)/4,-1) + PREV)/2;
haC:= ((O+H+L+C)/4+haOpen+Max(H,haOpen)+Min(L,haOpen))/4;
TMA1:= Tema(haC,TeAv);
TMA2:= Tema(TMA1,TeAv);
Diff:= TMA1-TMA2;
ZLHA:= TMA1+Diff;
percb:= (Tema(ZLHA,TeAv)+2*Stdev(Tema(ZLHA,TeAv),period)-Mov(Tema(ZLHA,TeAv),period,WEIGHTED))/(4*Stdev(Tema(ZLHA,TeAv),period))*100;
percb;This indicator is often a leading indicator with smooth and clear turning points. Bullish and bearish divergent signal is helpful in identifying entry and exit points.
This is a version by Mladen, and an article in PDF explaining more about it.