Bollinger Bands ® Set – indicator for MetaTrader 5

January 15, 2015

399

This indicator uses considerably more Bollinger bands than the standard Bollinger Bands ® indicator.

The matter is that the set of bands having the “Deviation” parameter from the range of 1, 2, 3, 4, 5 and other values denotes support and resistance levels fairly well. The indicator is built in four variants with different amount of levels for different application cases.

The indicator is built with the use of universal smoothing with two averagings and a possibility to select each of these averagings from the dozen of possible variants:

SMA – simple moving average;
EMA – exponential moving average;
SMMA – smoothed moving average;
LWMA – linear weighted moving average;
JJMA – JMA adaptive average;
JurX – ultralinear smoothing;
ParMA – parabolic smoothing;
T3 – Tillson’s multiple exponential smoothing;
VIDYA – smoothing with the use of Tushar Chande’s algorithm;
AMA – smoothing with the use of Perry Kaufman’s algorithm.

It should be noted that Phase1 and Phase2 parameters have completely different meaning for different smoothing algorithms. For JMA it is an external Phase variable changing from -100 to +100. For T3 it is a smoothing ratio multiplied by 100 for better visualization, for VIDYA it is a CMO oscillator period and for AMA it is a slow EMA period. For AMA fast EMA period is a fixed value and is equal to 2 by default. The ratio of raising to the power is also equal to 2 for AMA.

The indicators use SmoothAlgorithms.mqh library classes (must be copied to the terminal_data_folder\MQL5\Include). The use of the classes was thoroughly described in the article “Averaging Price Series for Intermediate Calculations Without Using Additional Buffers”.

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