Here is a smart idea for an indicator to detect range, as it compares 2 bollinger bandwidth spread as an hint for current price contraction.
When the oscillator is set to 1, price is ranging and “NoTrade” would be initiated.
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a = BollingerUp[40](close) b = BollingerDown[40](close) B1Range = a - b c = BollingerUp[20](close) d = BollingerDown[20](close) B2Range = c - d if B2Range < (B1Range/2) then NoTrade = 1 else NoTrade = 0 endif return NoTrade AS "No Trade" |
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Hello, what does it mean the 20 and 40 number on this code ?
Thank you !
I modified it to make parameters customizable and to Draw a Grey candlestick when a range is detected (sorry for the code, but the “Add PRT code” button didn’t work):
// Bollinger Band range setection
//
DEFPARAM CalculateOnLastBars = 1000
// BB1 = 40
// BB2 = 20
// RangeDivisor = 2.0
//
a = BollingerUp[BB1](close)
b = BollingerDown[BB1](close)
B1Range = a – b
c = BollingerUp[BB2](close)
d = BollingerDown[BB2](close)
B2Range = c – d
if B2Range < (B1Range/RangeDivisor) then
DRAWCANDLE(Open,High,Low,Close) COLOURED(230,230,250,255) bordercolor(0,255,255,50) //Cyan border
//NoTrade = 1
else
//NoTrade = 0
endif
return // NoTrade AS "No Trade"