PROTECTED SOURCE SCRIPT
Bollinger Channel Index Indicator
How does this work:
The two lines of this indicator oscillate between 1 and -1 and quantify the strength of a trend. When the blue line crosses under the yellow line, a sell signal is generated. The opposite is true for when the blue line crosses over the yellow line. The red line represents the overbought area, and the green line represents the oversold area, at 0.7 and -0,7 respectively. When a buy signal is generated below the green line, and a sell signal is generated above the red line, these are usually an indication that a strong up/downtrend is about to begin. Use these signals in conjunction with other indicators or techniques to identify trends.
What do I use this on?
I have done manual testing on forex and it works for me. I have done automated backtesting and it worked on stocks, forex, and commodities. This didn't work well on cryptocurrencies. For the timeframe, I would use 4 hours, but any should work as long as trends are visible. Works best in trending markets.
Technical Details:
This indicator is an adaptation of the Commodity Channel Index. The Commodity Channel Index takes the price, applies a simple moving average to it, and subtracts it from the closing price. This gives us the distance between the two lines, which is how much they deviate from each other. Then the deviation is divided by its mean average deviation. My indicator is also based off of WaveTrend, instead of using simple moving averages, I use exponential moving averages. I also apply an SMA to my version of the CCI line and trade based on crossovers. You can trade based on overbought/oversold or crossovers with my indicator. My indicator does not divide by the mean average deviation. Feel free to use it, but I don't think I will give be giving out the source code.
Disclaimer
This isn't guaranteed to be a financially viable model and I am not accountable for any losses made while using this.
Note:
I have posted a strategy revolving around this before, this script only contains the indicator.
The two lines of this indicator oscillate between 1 and -1 and quantify the strength of a trend. When the blue line crosses under the yellow line, a sell signal is generated. The opposite is true for when the blue line crosses over the yellow line. The red line represents the overbought area, and the green line represents the oversold area, at 0.7 and -0,7 respectively. When a buy signal is generated below the green line, and a sell signal is generated above the red line, these are usually an indication that a strong up/downtrend is about to begin. Use these signals in conjunction with other indicators or techniques to identify trends.
What do I use this on?
I have done manual testing on forex and it works for me. I have done automated backtesting and it worked on stocks, forex, and commodities. This didn't work well on cryptocurrencies. For the timeframe, I would use 4 hours, but any should work as long as trends are visible. Works best in trending markets.
Technical Details:
This indicator is an adaptation of the Commodity Channel Index. The Commodity Channel Index takes the price, applies a simple moving average to it, and subtracts it from the closing price. This gives us the distance between the two lines, which is how much they deviate from each other. Then the deviation is divided by its mean average deviation. My indicator is also based off of WaveTrend, instead of using simple moving averages, I use exponential moving averages. I also apply an SMA to my version of the CCI line and trade based on crossovers. You can trade based on overbought/oversold or crossovers with my indicator. My indicator does not divide by the mean average deviation. Feel free to use it, but I don't think I will give be giving out the source code.
Disclaimer
This isn't guaranteed to be a financially viable model and I am not accountable for any losses made while using this.
Note:
I have posted a strategy revolving around this before, this script only contains the indicator.
受保護腳本
此腳本以閉源形式發佈。 不過，您可以自由使用，沒有任何限制 — 點擊此處了解更多。
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免責聲明
這些資訊和出版物並非旨在提供，也不構成TradingView提供或認可的任何形式的財務、投資、交易或其他類型的建議或推薦。請閱讀使用條款以了解更多資訊。