Re: Bollinger Bands type indicators for MT4

1481
Motion To Attraction Channel (MTA Channel)

Here you go.

I made this before.
My coding skills are not yet up to par.
If you want, you can modify it.

Sorry for poor English.
Merry Christmas

Original description by Alexgrover

Introduction

Channels are used a lot on technical-analysis, however most of the them rely on adding/subtracting a volatility indicator to a central tendency indicator, sometimes the central tendency indicator can even be replaced by pure price. A great channel who does not rely on this kind of architecture is the Donchian channels or the quartiles bands. Here i propose a channel similar to the one made by Richard Donchian with some additional abilities.

The Channels

In my indicator, Motion To Attraction mean that the movement of an object a attract an object b, but we can resume this approach by saying that the longer a trend period is, the smaller the distance between each channels, for example if the price create a new highest then the lowest will move toward this new highest, each time coming closer. The philosophy behind this is that the longer a trend is the more probable it is that she will end.

The code reflects it this way :

  • here the parameter controlling the channel A (upper)
  • c = change(b) ? nz (c) + alpha : change(a) ? 0 : nz (c)
  • this is traduced by : if channel b move then the parameter c become greater, if channel a move then reset the parameter, the parameter d do the same.
  • c is used to move the channel A, when c < 1 A is closer to the highest, when c = 1 A is in a central tendency point, when c > 1 A is closer to the lowest.

Slaving the Movement

It is possible to have a better control over the channels, this is done by making c and d always equal or lower than 1. Of course it could be another max value selected by the user.

In order to do that add c1 and d1 as parameter with c1 = c > 1 ? 1 : c, same with d1 but replace c by d.

Its safer to do this but i prefer how the channels act the other way, i will consider implementing this option in the future.

Conclusion

This channel indicator does not rely on past data thanks to recursion. The alpha variable at the start can also be adaptive, this let you make the channels adaptive even if such idea can add non desired results. Low length values can create effects where the lower channel can be greater than the higher one, this can be fixed directly in the code or using the method highlighted in the Slaving the Movement part.

PS: For the updated version by Kvak, please see: MTA Channel for MT4 with Alerts + Signals.


Re: Bollinger Bands type indicators for MT4

1483
chickensword wrote: Thu Dec 22, 2022 11:33 am ¯\_(ツ)_/¯
Bro I haven't seen that emoji since Nokia phones were in fashion haha.

Ah... the memories 😌

yoake wrote: Fri Dec 23, 2022 4:01 pm
Here you go.

I made this before.
My coding skills are not yet up to par.
If you want, you can modify it.

Sorry for poor English.
Merry Christmas
This is very kind of you, nice to meet you Yoake from Japan and thank you for posting these interesting bands for MT4. They are unique and seem to "pinch" more than traditional channels!
I have added the original description by Alexgrover to your post to help others understand it a bit better. I hope you don't mind! 🙏

Merry Christmas to you and hope to see you around more in 2023!
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Re: Bollinger Bands type indicators for MT4

1484
yoake wrote: Fri Dec 23, 2022 4:01 pm I made this before.
Man u rock!!!! Today I saw this on Forexstation I just tried these & they are identical to the Tradingview version ..... Spot on!!!! Great coding 🙇‍♂️🙇‍♂️🙇‍♂️
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Re: Bollinger Bands type indicators for MT4

1485
The motion channels have a similar way of telling a trend may be changing because of breaking a previous high or low like normal price action, this may be able to be coded in color as well? Like where I originally found it on instagram from a seller
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Re: Bollinger Bands type indicators for MT4

1486
chickensword wrote: Sat Dec 24, 2022 1:35 am The motion channels have a similar way of telling a trend may be changing because of breaking a previous high or low like normal price action, this may be able to be coded in color as well? Like where I originally found it on instagram from a seller
Image

Image
If you enter at a good price (pullback) you will do fine (blue circle is target etc.)
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Re: Bollinger Bands type indicators for MT4

1487
Meyney wrote: Sat Dec 24, 2022 6:27 am If you enter at a good price (pullback) you will do fine (blue circle is target etc.)
Image
The more experience i gain the more i realise that your moving average setup gives a clear picture of where price is heading

Impulse move, Moving averages widening - get in on the trendline break

Moving averages going flat - No clear direction - Move to a different instrument/Timeframe

It just takes practice
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Re: Bollinger Bands type indicators for MT4

1488
Jon wrote: Sat Dec 24, 2022 7:15 am The more experience i gain the more i realise that your moving average setup gives a clear picture of where price is heading

Impulse move, Moving averages widening - get in on the trendline break

Moving averages going flat - No clear direction - Move to a different instrument/Timeframe

It just takes practice
yes in the end it is all about spotting impulses/retraces=no indicators needed. I have seen a lot in the last 25 years, these MA's will help that is for sure is my experience and do not forget the SD zones for spotting decent interesting levels.(this chart is not clear/instrument? but easy to see where the moves are)
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Re: Bollinger Bands type indicators for MT4

1489
Motion To Attraction Channel (MTA Channel) with On/Off Toggle Button

Thanks to Yoake to convert this file. Here is little updated indicator with MTF, alerts, arrows, button and choosable price.
Have menu for 2 or 3 state coloring and for experimenting I add choosable alfa for channel calculation. EMA or FEMA calculation is fastest, advice experimenting with channel lenght...

P.S. I would like to take this post to wish everyone a Merry Christmas


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