Multi Time Frame Standard Deviation Bands – Bounded

v11
Multi Time Frame Standard Deviation Bands – Bounded

This indicator is a bounded version of my Multi Time Frame Simple Moving Average and Standard Deviation Bands indicator.

The indicator allows you to calculate simple moving averages and standard deviation bands (Bollinger Bands) from up to five different time frames. The indicator then shows where price is with each of these sets of bands as they are bounded around zero and 100 where zero represents the lower standard deviation band in each time frame and 100 represents the upper standard deviation band in each time frame.

This indicator only works with PRTv11 onwards.

You set the average period and number of standard deviations for the bands with the various ‘p’ and ‘dev’ settings.

  • Mp – Monthly average period
  • MDev – Monthly deviations
  • Wp – Weekly average period
  • WDev – Weekly deviations.
  • Dp – Daily average period
  • DDev – Daily deviations.
  • HRp – Hourly average period
  • HRDev – Hourly deviations.
  • MIp – Minutes average period
  • MIDev – Minutes deviations.

If putting Hourly or Minute lines in the indicator then you also need to set HRQty and MIQty to the number of hours or minutes. So for example set HRQTY to 4 to display the price line within its standard deviation bands from the 4 hour chart. Set the p value of any line that you don’t want to draw to zero –  this also helps the indicator calculate slightly quicker.

The ‘EveryBar’ setting allows to to either just update the calculations of values at the close of each bar on their slower time frame chart or if ‘EveryBar’ is set then the lines update on every bar of the chart that you are viewing them on.

You can turn individual lines on and off and change their colour in the indicator configure window.

You can also select whether the lines are calculated on close, high, low, median price etc in the indicator configure window.

As always I advise downloading and importing the ITF file to get full functionality.

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Risk disclosure:

No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.

ProRealTime ITF files and other attachments : How to import ITF files into ProRealTime platform?

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  1. Vonasi • 04/20/2020 #

    There are actually two ways to calculate standard deviations and I seem to have used the version for calculations on populations rather than on data samples. There is only a tiny difference between them but if you want a modified code then you can find it here; https://www.prorealcode.com/topic/standard-deviation-indicators-minor-fix/

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