Better Bollinger Bands... - page 6
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MrTools,
I've got over the problem of an alert when the bands get close - but had to use 3 BB indicators.
This has finished the task - this is the scalpers paradise template using your BB colours.
Thanks for your skills - do you want this template to trade or will the BB settings be sufficient?
TEAMTRADERTEAMTRADER if you don't mind, and when you get a chance, could you post your template with the indicators, your set up looks very good.
I was trying to get the new colour indicator to accept a change of standard colour - see attached.
Can you make the colour and settings standard as I have tried (and failed). What did I do wrong?
Also there is a trader trading live till the end of the week with this set up so I will post you as soon as he gets back to me.
He is working to a strategy regarding exits so I will be interested as to how he deals with this important part of trading.
Thanks
TEAMTRADER
I was trying to get the new colour indicator to accept a change of standard colour - see attached.
Can you make the colour and settings standard as I have tried (and failed). What did I do wrong?
Also there is a trader trading live till the end of the week with this set up so I will post you as soon as he gets back to me.
He is working to a strategy regarding exits so I will be interested as to how he deals with this important part of trading.
Thanks
TEAMTRADERTEAMTRADER
You entered "tRed" as a color. There is no such color and that is why the the compiler complaints. Also, there is no color named "None". Use CLR_NONE instead
Will do it later tonight as I am trading now - the trader I gave the template to on Monday has Skyped me to say he has banked 140 pips on 8 trades today.
He is a seriously good and experienced trader, and has picked up the system with ease.
TGTBT?
TEAMTRADER
These are the first few indicators of the template - cannot load them all so will post and re-post the others.
TEAMTRADER
And these are the last few indicators - I presume you know that the range bar indicator is attached to the 1m chart and the trading chart is obtained via the off-line function.
Template on next post.
TEAMTRADER
This is what the chart looks like and the template.
The white and yellow central bands assist in the overall direction as does the traffic lights on the bottom right of the chart.
TEAMTRADER
MrTools,
I've made the template visually easy to enter and exit.
The idea of an EA based on these indicators will not work as the BB alert for them is faulty.
I will search for a perfect alert (based on the squeeze value in pips) unless you know of one.
The EA criteria is simple enough -
1. when the outer bands are within "x" pips the EA would trigger the first of 3 alerts.
2. The second alert would be based on the crossing of the central bands in this template shift 'zero' crossing shift '1'.
3. The third alert is already perfect and is the MACD alert in the template.
When criteria '1' is fulfilled then the EA would simply wait for the next two in whatever order they came, to enter the trade.
Being a range bar chart the stops are tight and accurate.
Let me know if you find a BB alert that is accurate - I am on holiday from Tuesday till the 8 Novemeber so will not actively looking during that period.
Even if the BB alert cannot be found, this is still a very safe template to trade.
Regards
TEAMTRADER
Unless this indicator repaints then it may prove ideal.
I've not been able to check it as the market is closed.
Two charts -
EUROUSD rangebar setting 5
I've only backtested the alert signals it 'would' give (it has no alert at present) when it goes under a predetermined level (.0013 on the BB setting 20/Dev 1.5) on the range bar setting of 5 pips.
The indicator seems to identify very accurately the squeeze areas when the market is about to move - which way does not matter as the other indicators confirm the direction.
USDDKK rangebar setting 10
The predetermined level is .0007 on this chart but needs the standard setting of 20/Dev 2.0.
However, I cannot see a way around the differing settings necessary in order to get an EA to perform correctly - unless there is a separate EA per instrument chart.
Any suggestions?
TEAMTRADER
Unless this indicator repaints then it may prove ideal.
I've not been able to check it as the market is closed.
Two charts -
EUROUSD rangebar setting 5
I've only backtested the alert signals it 'would' give (it has no alert at present) when it goes under a predetermined level (.0013 on the BB setting 20/Dev 1.5) on the range bar setting of 5 pips.
The indicator seems to identify very accurately the squeeze areas when the market is about to move - which way does not matter as the other indicators confirm the direction.
USDDKK rangebar setting 10
The predetermined level is .0007 on this chart but needs the standard setting of 20/Dev 2.0.
However, I cannot see a way around the differing settings necessary in order to get an EA to perform correctly - unless there is a separate EA per instrument chart.
Any suggestions?
TEAMTRADERJust a kind of a side note (to clarify a bit what BBandWidthRatiohisto is)
When you place standard deviation in the same window as the BBand width indicator this is what you are going to get :
They do not have same absolute values (due to multiplier and some additional math) but relative values are exactly the same. Because of that yu should be careful with the levels : those levels largely depend on time frame and / or symbol (they will always be different) That uis why people were trying to use Bollinger band in combination with Keltner channel to find out the squeeze ares : that way both are automatically adapting to current time frame and symbol and that way a hidden trap of fixed levels is avoided to a large extent