Low-High Bands for ProRealTime

This is a very simple indicator, but useful for longs and shorts.

It gives the highest high, the lowest low, the middle point between both and an exponential average of the middle point of the last x periods.

There are some possibilities which can indicate the in and out for each trade:

Buy longs if the upper band is higher than the previous value
Or if the mid point changes the color from red to black
Close longs if lower bands is lower than previous value
Or if midpoint changes from black to red
The same procedure for shorts

The standard values of the variables are:

x=10 (number of periods of the bands)

y=8 (number of periods of the EMA, exponential average of the middle point)

You can also play with the EMA instead of the mid point, if you want, or change the periods of bands and EMA depending on the timeframe or on your aggressiveness.

c1=highest[x](high)//x=10
c2=lowest[x](low)
c3=c2+(c1-c2)/2//Mid point
mpm=ExponentialAverage[y](c3)//y=8
RETURN c1 AS "Highest", c2 AS "Lowest", c3 AS "Mid point", mpm AS "EMA over Midpoint"

Download

Filename: Low-High-Bands.itf

Downloads: 199

Comments

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Petrus

10 years ago

Hombre, no te diré que no me guste el vino, y en especial éste, pero aún me faltan muchos trades positivos para poder comprar alguna botellita de esta marca... ;-)

De todas formas tiene su mérito el reinventar el canal de Donchian sin conocerlo, no? :-))

Petrus

10 years ago

Saludos desde Barcelona!

supertiti

10 years ago

Hola Petrus

Estas aficionado de vino para tener este mote ?

El canal de donchian es la base de todo ! tengo uno "personalizado" que funciona de maravilla desde hace años.

un saludo desde Cadiz

Petrus

10 years ago

I never worked with the Donchian channel, but yes, you are right Supertiti: they are very similar, almost the same.

supertiti

10 years ago

Ne serait ce pas un canal de Donchian ?