Bollinger Bands are trading bands plotted around a price. Market reversals occur near the upper and lower bands. The middle band acts as a support line.
Parameters:
Period interval with which to calculate a simple moving average
Factor Multiply by this value to form upper and lower bands
as shown in the formula below
Formula:
TP (Typical Price) = (High + Low + Close) / 3
middle = simple moving average of TP using Period as the interval
upper = middle + factor * standard deviation of last term TP
lower = middle - factor * standard deviation of last term TP
Arguments:
None
Output Indicators:
upper
middle
lower
Example:
Study Name Expanded in a 3 minute timeframe:
I3_Bollinger(25,2.62)_I3
This study BollingerBand with a period of 25 and multiplier factor of 2.62
The output indicators names are appended to the studyname,
that is if the studyname is sn1 then
the outputindicator is
sn1::upper
sn1::middle
sn1::lower
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