Idea is to tweak bollinger bands so includes more ATR.
Bollinger relies on close only so this band is slightly different.

Is concept from 1993 Futures mag article.

TScode may help with idea. Shown below.
This plots but does not do the bands themselves.

Need an MQ4 that does these probability bands.

I have come across an ATRBands mq4 before , and there is the Keltner Bands too ,
The ATR bands when smoothed out are a close match to Keltner bands - so this may not be new, BUT think it is worth trying.




Variables : HighD(0), LowD(0), RangeD(0), HighW(0), LowW(0) , RangeW(0), AverageRangeD(0), AverageRangeW(0), DailyRange(0), WeeklyRange(0);

if DataCompression = 3 then
DailyRange = 12;
if DataCompression = 3 then
WeeklyRange = 52;


if DataCompression = 2 then
DailyRange = 5;
if DataCompression = 2 then
WeeklyRange = 21;

HighD = Highest(High,DailyRange);
LowD = Lowest(Low, DailyRange);
RangeD = (HighD - LowD);
AverageRangeD = Average(RangeD, DailyRange);


if close crosses below Plot1 then
alert ( "MARKET IS SHORT TERM OVERBROUGHT");

if close crosses above Plot2 then
alert ( "MARKET IS SHORT TERM OVERSOLD");

Plot1((Average(Close, DailyRange) + .5 * Average(RangeD, DailyRange)), "ST
OB");
Plot2((Average(Close, DailyRange) + .5 * Average(RangeD, DailyRange)), "ST
OS");

HighW = Highest(High,WeeklyRange);
LowW = Lowest(Low, WeeklyRange);
RangeW = (HighW - LowW);
AverageRangeW = Average(RangeW, WeeklyRange);

if close crosses below Plot3 then
alert ( "MARKET IS LONG TERM OVERBROUGHT");

if close crosses above Plot4 then
alert ( "MARKET IS LONG TERM OVERSOLD" );

Plot3((Average(Close, WeeklyRange) + .5 * Average(RangeD, WeeklyRange)), "LT
OB");
Plot4((Average(Close, WeeklyRange) + .5 * Average(RangeD, WeeklyRange)), "LT
OS");