Walking the bands – Bollinger screener
-
John Bollinger mentions in his book that candles closing outside the BBs are not a sign of reversal, but a sign of continuation – until such time as a tag of the band is correlated with another indicator or candle reversal pattern.
I wanted to incorporate ‘walking the bands’ into a reversal trigger on minute charts, by using a scenario where 4 out of 5 recent candles have highs outside the band, followed by a close inside the bands.
The BB values need to be adjustable instead of 20/2.0, as JB himself states that short term traders look at values down to 15/1.5. Myself I use 16/1.8.
Below was my start, but I think it needs some expertise to make it work
walkend = close < BollingerUp[16](close) high1 = high[1] >BollingerUp[16](1) high2 = high[2] >BollingerUp[16](2) high3 = high[3] >BollingerUp[16](3) high4 = high[4] >BollingerUp[16](4) high5 = high[5] >BollingerUp[16](5) if ((high1 + high2 + high3 + high4 + high5) >= 4) and walkend then w=1 else w=0 endif screener w
- You must be logged in to reply to this topic.
Author
Summary
This topic contains 1 reply,
has 2 voices, and was last updated by 
4 years, 10 months ago.
Topic Details
| Forum: | ProScreener: Market Scanners & Detection |
| Language: | English |
| Started: | 04/25/2021 |
| Status: | Active |
| Attachments: | 1 files |
