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Re: Bollinger Band type indicators for MT4

#571
Jimmy wrote:
Wed Aug 21, 2019 9:11 pm
As requested by Moey, this is the template we've used today for the new Bollinger Bands Averages Shaded by Mrtools.

In this template the indicator is set using a Deviation of 3.0 for counter-trend trading which provides very strong retracement scalping opportunities whenever price touches or pierces the outer Bollinger Bands.
I really like this indicator , it would better if option to hide or show Bollinger band with a click button on the chart is provided


Re: Bollinger Band type indicators for MT4

#572
mrtools wrote:
Sun Jun 07, 2020 12:44 pm
Cazz223 wrote:
Sun Jun 07, 2020 3:36 am



Dear MrTools, talaate
Thanks for responding.
I think the reason I was getting the "You are trying to use renamed indicator" error message because I already had 9.1 version running in the system.
The same happened when I tried to load up 9.2 shared by Talaate.
I need to purge the old version first.
Check in the experts/journal on your chart and see what name they are showing, sometimes for some reason the computer may add a space or in my case a (1).
Dear MrTools
Thank you!!!
"averages - mtf - alerts 9.2.ex4" <--- Not working
I renamed the file, added another [space] between "alerts" and "9.2"
"averages - mtf - alerts 9.2.ex4" <--- Working

p/s: experts/journals showed no changed in the file name "averages - mtf - alerts 9.2.ex4".
The issue may lie in the codes, which inadvertently coded file name with "double spaces" as the correct one.

Re: Bollinger Band type indicators for MT4

#573
mrtools wrote:
Fri Aug 23, 2019 3:14 am
Derekers wrote:
Thu Aug 22, 2019 3:19 pm
Hello Dear Coders
Could you kindly make an Indicator that gives a signal whenever a Moving Average Crosses Upper or Lower Bollinger bands BANDS (not the middle BB) and Kindly add Different Moving averages Method and Different Price type to it alongside the MTF version
Something like this?
Dear MrTools,

This indicator freezes up the screen if you want to use MTF!
Can you check it, please and make the necessary alterations in the code?
Success in trading is being always on right side of every trade.


Re: Bollinger Band type indicators for MT4

#577
mntiwana wrote:
Sun Mar 05, 2017 11:08 pm
braciola719 wrote:Good morning and thank you for this forum,, you have something useful for binary options ??
You are Welcome
regarding usefulness of some thing,depends on traders knowledge and ability how he use and form some thing (strategy)

I really liked it. I will try 1 month. Thank you.
Trade = Patience + Money Management

Life = Happiness + Health

Re: Bollinger Band type indicators for MT4

#579
Banzai wrote:
Mon Jul 06, 2020 3:38 am
OGT Bollinger Bandwidth Indicator v1.0.mq4
What's up you guys. Here from OneGlanceTrader dot com. And in this video, I'm really excited to be sharing with you my brand new indicator the OGT Bollinger Bandwidth version 1.0. And as with all my indicators, this one is absolutely free . And as an added bonus, I've decided to give you guys the mql source file absolutely free as well. So you guys can take this indicator and really make it your own. And I'm calling out all the coders that are subscribed to my channel. Please take this indicator, make your modifications and send it back to me. And i'm more than happy to do a video to, really you know, any additional features that you guys wanted to add and share it out with the wider OGT community. So in addition in this video, we're going to go into what is the indicator. What's it all about. The input settings and you know how best to use it.

So before I go into the indicator, I just want to give a quick overview on the Bollinger Band indicator.

So the Bollinger Band indicator is a famous indicator made by John Bollinger which is basically all around a particular moving average and its standard deviations on the upper and lower band which is showing a measure of volatility inside the market.

And the Bollinger Band indicator is the standard indicator which I've kept on again with the standard settings, 20 period, with two standard deviations applied to the close. And what you'll get is, you will get on the screen a moving average. So this is a 20 period moving average with an upper and lower band. And these upper and lower bands are two standard deviations away from the moving average. And again it is a measure of volatility and basically what that means is that when the distance between the upper and the lower bands are big, it is considered to be in high volatility. And when the distance between the upper and lower band are close together, we are considered in low volatility.

And this is exactly what the Bollinger Bandwidth indicator or my version of it does. It basically is a measurement of volatility based on the distance between the upper and the lower band. So before I go into the settings and explain what these red dots mean. I've got the indicator. There're two ways of looking at the indicator. You got it at the bottom and then you've got these dots as well. So what these, what this line is showing is basically showing the distance between the upper and lower bands. So we take for example, the highest peak of this particular one. You can see that the indicator is showing 46 points, so um no sorry. It's all in pip sorry. 46 pips. So then if I measure between the upper and the lower and the upper. You know you can see I'm never going to get it exact. But you can tell here that you know, it is 46 pips and you can see that this is the highest peak in this whole this area of price action. And you can see here we're in this strong up 10. So the market is very volatile. And on the flip side, you've got the bandwidth indicator. In this particular example is showing six pips. So if I go between here and here, you can see here that it's showing six pips.

And the reason why we've created this indicator and as I mentioned before, is that when the market is at low volatility, John Bollinger believes that a period of low volatility is usually followed by a period of high strong volatility. and the Bollinger band width indicator is a version of trying to capture that. So what I've done is, I've modified the version of, you know his concept and his theory of his indicator. And I've kind of put it into an alert system for to give you guys an opportunity to see or to get notified on when there're areas of low volatility.

Now, this we're on a five-minute chart so at the moment as you can see here I think the lowest volatility. What I'm showing now is, you know four pips. I think three pips. Even it might have even gone to two pips at one stage. But this ain't going to work on a four hour chart in terms of looking for one pip, two pips. It's gonna be a lot bigger range so you've gotta bear in mind when you look at your minimum values which we'll go into in the indicator settings in a second that you have to adjust it to the right time frame and you'll get used to that when you start playing with the indicator and using it on different time frames.

So if we go into the indicator itself, you first you have to select your Bollinger Band settings and the default settings. In my indicator is exactly the same as the default settings in the MT4 platform. You can select your dot size in terms of how big you want the dots. You can select your dot color. Then we've got the minimum value. So when the bandwidth indicator drops to a certain number, i.e., giving you an indication of low areas of volatility where what is that number. And do you want it? And how do you want your alert to come in.

So in this example I've set it to five pips. And the way it works is, it looks for two closed bars that are at or below your minimum level. So in this case five pips. So if one bar closes at five pips and the second bar closes at five pips or below. It will then, it will give a notification that there is a potential breakout coming soon. Because we are in low levels of volatility. If for example, we have a closed bar at five pips distance between the upper and lower bands, but the next bar closed at six pips on the upper and lower back it will not give you a signal. So if we were looking at two consecutive bars equal to or below your minimum value. And again you got your letter settings on there.

And one thing I want to just bear in mind this indicator does not tell you which direction to trade.

It only gives you an early warning system. That a potential breakout or a high volatility outcome is potentially on the horizon. So please bear that in mind that you know I'm not here to tell you this doesn't tell you where to go long or what to go short. It just tells you that we are in a period of low volatility watch out a period of high volatility is coming so overlay your other technical analysis tools that you have inside your toolkit such as engulfing bars, you know, pin bars with the trend, whatever you want to use to ride that wave of the huge high volatility that's coming.

So I'm just going to give you a few examples here of the indicator and show you. You know how powerful that this indicator can be. So in this area over here you can see now that we have got a number of bars and again and this means that we have consecutive closed bars where the upper and lower band are either five pips or below apart. Again giving you that strong color, uh consolidation as you can see here. Look how tight the bands are.

And this is, this shows a perfect example of where you have to overlay tools here. Because John Bollinger talks about in his book. About fake outs.

So again and again, this could be because of you know, banks and stuff like that trying to kind of eat up stop losses. And all these type of things around market structure and things like that if you know, follow that type of analogy. But there are examples where, in this example where price then broke out to the downside came back up into area for consolidation again and we got the signal again. And then finally broke out into a 76-pip move so it's there.
We knew at this point over here, you know a few hours before you know again. This is all during Asian session because I'm looking at the UK time. That you know eight AM, the London opens and then get a massive move. So all of this started happening in the Asian session and what you'll find with this indicator, you'll find a lot of these signals happening during the Asian session because the Asian session is not generally a volatile session.

But not all the time and not every day the Asian session is going to be below five pips for this particular currency pair. But in this particular example that i'm showing is that we had a big area of consolidation i.e. low volatility and a massive move up. Massive move up to the upside again.

Areas of low volatility are followed by areas of high volatility.

So if you carry on during this pair you can see now again, we have got the Bollinger Band. Here're telling us that we're at around four pips and even at three pips. so really really so you tight bands here. In terms of that and you can see that and then what happens. We get this massive move in relation to the time frame. We get a 73, 74 pip move.

Again in relation to the time frame that we are. Low volatility. High volatility and as we carry on going.
This example again you've got this here. You've got this strong, strong consolidation and what we've got here again four pips, five pips, five pips, and then boom straight down here to 60 pips again.

Again, low volatility followed by high volatility.

And the to dots finish or complete when the bandwidth indicator goes above your threshold. So when you get to five and below in this particular example, keep showing the dots and then when it, bandwidth goes above five pips, it will then show. It won't show any dots anymore. So that's kind of how the indicator works and I wouldn't use the indicator of when the dots finished. Therefore we are now broken out of this range.

And again I would not use this indicator as a directional indicator on where to trade.

And you know for in this particular example, you could overlay the OGT Trend Dashboard for example and look at the you know five minute, 15, and 30 minute maximum. And it will probably show you that during this piece of price action that all of them were red so we're only looking for short signals and again what you might probably do is look at where the lowest low was before the consolidation which was here. And then have your stop loss above above the high at 16 pips. And you know we've got you know a 50 pip move. So a one to two two to two and again these areas where you can pick up some really big re-water risks. A lot of trend traders like to use the consolidation and the bandwidth indicator. Their number of bandwidth indicators out there. But this one I believe gives you the additional benefit of setting him in value. And therefore you don't need to be at the chance the whole time.

Again there's many modifications you can make on this. I've got a few inside my head that might code inside the future. But you know I really hope you guys take this indicator and really utilize this.

So you know that's all I wanted to kind of share with you again link is inside the description.

What I'll do is, I'll show the playlist now for the trend dashboard because I think we can really utilize the trend dashboard. If the trend dashboard is showing a sea of red and a sea of green and we've got an area of consolidation.
We're probably looking to break out in that area of in the same direction of what the trend dashboard is saying.
So that's on the screen now for you guys to look at.

So download this indicator and watch the trend dashboard and I shall see you guys in a second.
To Reduce CPU and RAM usage -- MT4 > Tools > Options > Chart --->> Decrease "max bars in history" and "max bars in chart" (My setting is 5000)

Re: Bollinger Band type indicators for MT4

#580
Banzai wrote:
Mon Jul 06, 2020 2:46 pm
Banzai wrote:
Mon Jul 06, 2020 3:38 am
OGT Bollinger Bandwidth Indicator v1.0.mq4
What's up you guys. Here from OneGlanceTrader dot com. And in this video, I'm really excited to be sharing with you my brand new indicator the OGT Bollinger Bandwidth version 1.0. And as with all my indicators, this one is absolutely free . And as an added bonus, I've decided to give you guys the mql source file absolutely free as well. So you guys can take this indicator and really make it your own. And I'm calling out all the coders that are subscribed to my channel. Please take this indicator, make your modifications and send it back to me. And i'm more than happy to do a video to, really you know, any additional features that you guys wanted to add and share it out with the wider OGT community. So in addition in this video, we're going to go into what is the indicator. What's it all about. The input settings and you know how best to use it.

So before I go into the indicator, I just want to give a quick overview on the Bollinger Band indicator.

So the Bollinger Band indicator is a famous indicator made by John Bollinger which is basically all around a particular moving average and its standard deviations on the upper and lower band which is showing a measure of volatility inside the market.

And the Bollinger Band indicator is the standard indicator which I've kept on again with the standard settings, 20 period, with two standard deviations applied to the close. And what you'll get is, you will get on the screen a moving average. So this is a 20 period moving average with an upper and lower band. And these upper and lower bands are two standard deviations away from the moving average. And again it is a measure of volatility and basically what that means is that when the distance between the upper and the lower bands are big, it is considered to be in high volatility. And when the distance between the upper and lower band are close together, we are considered in low volatility.

And this is exactly what the Bollinger Bandwidth indicator or my version of it does. It basically is a measurement of volatility based on the distance between the upper and the lower band. So before I go into the settings and explain what these red dots mean. I've got the indicator. There're two ways of looking at the indicator. You got it at the bottom and then you've got these dots as well. So what these, what this line is showing is basically showing the distance between the upper and lower bands. So we take for example, the highest peak of this particular one. You can see that the indicator is showing 46 points, so um no sorry. It's all in pip sorry. 46 pips. So then if I measure between the upper and the lower and the upper. You know you can see I'm never going to get it exact. But you can tell here that you know, it is 46 pips and you can see that this is the highest peak in this whole this area of price action. And you can see here we're in this strong up 10. So the market is very volatile. And on the flip side, you've got the bandwidth indicator. In this particular example is showing six pips. So if I go between here and here, you can see here that it's showing six pips.

And the reason why we've created this indicator and as I mentioned before, is that when the market is at low volatility, John Bollinger believes that a period of low volatility is usually followed by a period of high strong volatility. and the Bollinger band width indicator is a version of trying to capture that. So what I've done is, I've modified the version of, you know his concept and his theory of his indicator. And I've kind of put it into an alert system for to give you guys an opportunity to see or to get notified on when there're areas of low volatility.

Now, this we're on a five-minute chart so at the moment as you can see here I think the lowest volatility. What I'm showing now is, you know four pips. I think three pips. Even it might have even gone to two pips at one stage. But this ain't going to work on a four hour chart in terms of looking for one pip, two pips. It's gonna be a lot bigger range so you've gotta bear in mind when you look at your minimum values which we'll go into in the indicator settings in a second that you have to adjust it to the right time frame and you'll get used to that when you start playing with the indicator and using it on different time frames.

So if we go into the indicator itself, you first you have to select your Bollinger Band settings and the default settings. In my indicator is exactly the same as the default settings in the MT4 platform. You can select your dot size in terms of how big you want the dots. You can select your dot color. Then we've got the minimum value. So when the bandwidth indicator drops to a certain number, i.e., giving you an indication of low areas of volatility where what is that number. And do you want it? And how do you want your alert to come in.

So in this example I've set it to five pips. And the way it works is, it looks for two closed bars that are at or below your minimum level. So in this case five pips. So if one bar closes at five pips and the second bar closes at five pips or below. It will then, it will give a notification that there is a potential breakout coming soon. Because we are in low levels of volatility. If for example, we have a closed bar at five pips distance between the upper and lower bands, but the next bar closed at six pips on the upper and lower back it will not give you a signal. So if we were looking at two consecutive bars equal to or below your minimum value. And again you got your letter settings on there.

And one thing I want to just bear in mind this indicator does not tell you which direction to trade.

It only gives you an early warning system. That a potential breakout or a high volatility outcome is potentially on the horizon. So please bear that in mind that you know I'm not here to tell you this doesn't tell you where to go long or what to go short. It just tells you that we are in a period of low volatility watch out a period of high volatility is coming so overlay your other technical analysis tools that you have inside your toolkit such as engulfing bars, you know, pin bars with the trend, whatever you want to use to ride that wave of the huge high volatility that's coming.

So I'm just going to give you a few examples here of the indicator and show you. You know how powerful that this indicator can be. So in this area over here you can see now that we have got a number of bars and again and this means that we have consecutive closed bars where the upper and lower band are either five pips or below apart. Again giving you that strong color, uh consolidation as you can see here. Look how tight the bands are.

And this is, this shows a perfect example of where you have to overlay tools here. Because John Bollinger talks about in his book. About fake outs.

So again and again, this could be because of you know, banks and stuff like that trying to kind of eat up stop losses. And all these type of things around market structure and things like that if you know, follow that type of analogy. But there are examples where, in this example where price then broke out to the downside came back up into area for consolidation again and we got the signal again. And then finally broke out into a 76-pip move so it's there.
We knew at this point over here, you know a few hours before you know again. This is all during Asian session because I'm looking at the UK time. That you know eight AM, the London opens and then get a massive move. So all of this started happening in the Asian session and what you'll find with this indicator, you'll find a lot of these signals happening during the Asian session because the Asian session is not generally a volatile session.

But not all the time and not every day the Asian session is going to be below five pips for this particular currency pair. But in this particular example that i'm showing is that we had a big area of consolidation i.e. low volatility and a massive move up. Massive move up to the upside again.

Areas of low volatility are followed by areas of high volatility.

So if you carry on during this pair you can see now again, we have got the Bollinger Band. Here're telling us that we're at around four pips and even at three pips. so really really so you tight bands here. In terms of that and you can see that and then what happens. We get this massive move in relation to the time frame. We get a 73, 74 pip move.

Again in relation to the time frame that we are. Low volatility. High volatility and as we carry on going.
This example again you've got this here. You've got this strong, strong consolidation and what we've got here again four pips, five pips, five pips, and then boom straight down here to 60 pips again.

Again, low volatility followed by high volatility.

And the to dots finish or complete when the bandwidth indicator goes above your threshold. So when you get to five and below in this particular example, keep showing the dots and then when it, bandwidth goes above five pips, it will then show. It won't show any dots anymore. So that's kind of how the indicator works and I wouldn't use the indicator of when the dots finished. Therefore we are now broken out of this range.

And again I would not use this indicator as a directional indicator on where to trade.

And you know for in this particular example, you could overlay the OGT Trend Dashboard for example and look at the you know five minute, 15, and 30 minute maximum. And it will probably show you that during this piece of price action that all of them were red so we're only looking for short signals and again what you might probably do is look at where the lowest low was before the consolidation which was here. And then have your stop loss above above the high at 16 pips. And you know we've got you know a 50 pip move. So a one to two two to two and again these areas where you can pick up some really big re-water risks. A lot of trend traders like to use the consolidation and the bandwidth indicator. Their number of bandwidth indicators out there. But this one I believe gives you the additional benefit of setting him in value. And therefore you don't need to be at the chance the whole time.

Again there's many modifications you can make on this. I've got a few inside my head that might code inside the future. But you know I really hope you guys take this indicator and really utilize this.

So you know that's all I wanted to kind of share with you again link is inside the description.

What I'll do is, I'll show the playlist now for the trend dashboard because I think we can really utilize the trend dashboard. If the trend dashboard is showing a sea of red and a sea of green and we've got an area of consolidation.
We're probably looking to break out in that area of in the same direction of what the trend dashboard is saying.
So that's on the screen now for you guys to look at.

So download this indicator and watch the trend dashboard and I shall see you guys in a second.

Great Share ! if it could be done is histogram would be even better!


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