Bollinger Range Bound
March 3, 2016, 12:52 PM
Indicators
2 Comments
Here is a smart idea for an indicator to detect range, as it compares 2 bollinger bandwidth spread as an hint for current price contraction.
When the oscillator is set to 1, price is ranging and “NoTrade” would be initiated.
a = BollingerUp[40](close)
b = BollingerDown[40](close)
B1Range = a - b
c = BollingerUp[20](close)
d = BollingerDown[20](close)
B2Range = c - d
if B2Range < (B1Range/2) then
NoTrade = 1
else
NoTrade = 0
endif
return NoTrade AS "No Trade"
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Filename:
Bollinger-Range-Bound.itf
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