The PRTBANDSMEDIUMTERM function in ProBuilder language is designed to calculate and return the medium-term band of a trading instrument. This function is typically used in technical analysis to identify potential support or resistance levels over a medium-term period. The bands can help traders and analysts to understand the market’s volatility and price trends within this timeframe.

Syntax:

PRTBANDSMEDIUMTERM

Example Usage:

The following example demonstrates how to use the PRTBANDSMEDIUMTERM function in a screener. This screener identifies shares where the medium-term band is ascending, after having remained constant during the previous 5 bars:

a = PRTBandsmediumterm
result = a > a[1] and summation[5](a = a[1])[1] = 5
screener[result]

Explanation:

• a = PRTBandsmediumterm: This line assigns the medium-term band values to the variable a.
• result = a > a[1] and summation[5](a = a[1])[1] = 5: This line defines a condition where the current band value a is greater than its previous value a[1], indicating an ascending trend. Additionally, it checks if the band value has remained constant over the last 5 bars, using the summation function.
• screener[result]: This line uses the result to filter and list the shares that meet the specified conditions.

This function is particularly useful for traders who focus on medium-term investment horizons and wish to analyze the stability or volatility of prices in this period. Understanding how to interpret these bands can provide insights into potential price movements and help in making informed trading decisions.