Looks like dynamic zone RSI.

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Here is some guidelines for using Bollinger Bands taken from BBForex.com:

Bollinger Bands are widely and successfully used by forex traders worldwide. One of the great joys of having invented an analytical technique such as Bollinger Bands is seeing what other people do with it. While there are many ways to use Bollinger Bands in the forex market, following are a few rules that serve as a good beginning point.


Bollinger Bands provide a relative definition of high and low.


That relative definition can be used to compare price action and indicator action to arrive at rigorous buy and sell decisions.


Appropriate indicators can be derived from momentum, volume, sentiment, open interest, inter-market data, etc.


Volatility and trend have already been deployed in the construction of Bollinger Bands, so their use for confirmation of price action is not recommended.


The indicators used for confirmation should not be directly related to one another. Two indicators from the same category do not increase confirmation. Avoid colinearity.


Bollinger Bands can also be used to clarify pure price patterns such as M-type; tops and W-type bottoms, momentum shifts, etc.


Price can, and does, walk up the upper Bollinger Band and down the lower Bollinger Band.


Closes outside the Bollinger Bands can be continuation signals, not reversal signals--as is demonstrated by the use of Bollinger Bands in some very successful volatility-breakout systems.


The default parameters of 20 periods for the moving average and standard deviation calculations, and two standard deviations for the bandwidth are just that, defaults. The actual parameters needed for any given market/task may be different.


The average deployed should not be the best one for crossovers. Rather, it should be descriptive of the intermediate-term trend.


If the average is lengthened the number of standard deviations needs to be increased simultaneously; from 2 at 20 periods, to 2.1 at 50 periods. Likewise, if the average is shortened the number of standard deviations should be reduced; from 2 at 20 periods, to 1.9 at 10 periods.


Bollinger Bands are based upon a simple moving average. This is because a simple moving average is used in the standard deviation calculation and we wish to be logically consistent.


Be careful about making statistical assumptions based on the use of the standard deviation calculation in the construction of the bands. The sample size in most deployments of Bollinger Bands is too small for statistical significance and the distributions involved are rarely normal.


Indicators can be normalized with %b, eliminating fixed thresholds in the process.


Finally, tags of the bands are just that, tags not signals. A tag of the upper Bollinger Band is NOT in-and-of-itself a sell signal. A tag of the lower Bollinger Band is NOT in-and-of-itself a buy signal.


John Bollinger, CFA,CMT

Vo & Vol x3
http://codebase.mql4.com/ru/5076

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Pls can anyone tell me how good this system is and should tell me the flaws in it. I call it bollinger breakout system using bb, adx, and pivot lines. This is how i tread it, when i see that the price have gotten to the lower bollinger band, i check to see if the adx have cross 20 (if not i wait for to cross 20). i will then enter when it has broken the pivot line at the lower bb. i take the next pivot as target or i trail it by following the adx as the value increases from 20 till about 50.
pls can anyone comment on it and critize or advice on the system. thanks

Hi all,

Is there an indicator that can plot two moving averages on the chart which are seperated by an Multiple of an ATR?

For example 10 period moving average bands which are seperated by 2atr(5)

Also one where you can change the moving average and atr period and values.

You are looking for a variation on Keltner channel Keltner channel - Wikipedia, the free encyclopedia.

See this thread: Keltner Channel. More or less, all variations covered there. Set the color of the middle line to none if you do not want it on the chart.

Thanks

thanks for sharing the indicators, that's cool!

Hi everybody , this is my first post at the forum cause i am a newbie.I couldnt find a bollinger band indicator that doesnt have middle bollinger band(line).if anyone has it or does have link.can u post pls .thanks in advance

cheers

Check post 16 in this thread. CJA made it.