Tradehunter wrote: Wed Nov 15, 2023 1:17 pm
Isnt it just the levels in the standard MT4 MA?
That would be close to what I mean!
Except I should've been more clear...
- Take 3 MA's... Same period, but set to High, Median, Low.
- Measure the distance between the Median and the High, and the Median and the Low.
- You'd code it by measuring pips, which can be done in code.
- Take that number of pips between the two and then duplicate that distance away from the High and Low to form "High2" MA, "Low2" MA, etc, according to how many levels of deviations you want.
It's pretty much just having more levels further away from the Median MA than just the High and Low.
I don't see how this couldn't be useful for measuring overextended moves away from the "mean", the Median.
If price is 2 or 3 High or Low deviations away from the Median, then you can expect a pullback, of course.
It's not perfect, but the idea can be expanded on and possibly coded.
The final concept could definitely be better than awful Bollinger Bands... Blah.