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bands
hi
I searched for a bollinger band where I can change the deviation. Its very strange that you cant do this with all the mt4 bollinger indicators. I would need someone who can program this "bands" indicator(in the upper post" which can do this( and also has shift option) into MTF?
There is guy out called RAl Lockhart, maybe some of you know him he worked in early times with Undergroundtrader together. I Studied his MANUAL PROJEKT in earleir times. ANd he is quite a genius in developing trading strategies and he really knows his stuff. Its intresting to study maybe you have time one day.
One thing he developed are EBB--bollinger bands with fibonacci deviation. He use 13 ema shift 3 forward and than with three different deviations. 1.618,2.618, 3.618....see picture. The reason for this is that the normal bollinger bands are hit to early to give objective signals. With this three bands its possible to observe the market flow.
EBB-cycle
Compression, realease, expansion
compression..the bollinger bands come together --ranging, choppy
release-- the market start to move --often hit all three bands till 3.618
during the release phase the market travel along the 2.618 bands for several period when the market start to not hit the 2.618 bands anymore its a early sign of weakening.
expansion--
2 ways: a very rapid decline following a release pahase high
or a rapid rise
and then the cycle start again compression, release, expansion
he also say that the points where the price hit the outer bands are important price points and can project in the future as s/r lines. If the market is strong and close above/under such point it show strength if not a reversal is in place. there are a lot of possibilities and trading methods to use.
ok I leave it there. If someone can make a MTF version of the band indicator I would appretiate.
thx
lodol
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