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Better Bollinger Band for Metastock
rkkarnani
over 14 years ago
Metastock

Rating:
4 / 5 (Votes 2)
Tags:
metastock, bands

Saw a Amibroker Formula for Better Bollinger Band here. This is just the Metastock version.

In an article in Futures Magazine, October 1998, Dennis McNicholl describesthe use of Bollinger Bands and provides a means of making them tighter whenmarkets are trending. He calls them Better Bollinger Bands.

Here is the formula for MetaStock 6.5 or higher.

Better Bollinger Bands

In the Oct issue of “Futures” there is an article written by Dennis McNicholl called “Better Bollinger Bands”. In his article he describes how in a trending market the center bandof the B.B. will shift away from the “mean” value of the price, and that the two outer bands will shift outward to suchan extent that the envelope loses its utility as a volatility gauge (these are his words… not mine). As usual “Futures” only posted the TradeStation code, so this is myconversion from it. He called the Indicator “Denvelope”, and it runs the bands much closer….. similar to “StandardError Bands”.

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Indicator / Formula

Copy & Paste Friendly
pds:=Input("Periods",2,200,20);
sd:=Input("Standard Deviations",.01,10,2);
alpha:=2/(pds+1);
mt:=alpha*C+(1-alpha)*(If(Cum(1)<pds,C,PREV));
ut:=alpha*mt+(1-alpha)*(If(Cum(1)<pds,C,PREV));
dt:=((2-alpha)*mt-ut)/(1-alpha);
mt2:=alpha*Abs(C-dt)+(1-alpha)*PREV;
ut2:=alpha*mt2+(1-alpha)*PREV;
dt2:=((2-alpha)*mt2-ut2)/(1-alpha);
but:=dt+sd*dt2;
blt:=dt-sd*dt2;
dt;
but;
blt
Copy & Paste Friendly
Lb:=Input("Look-Back Period ?",3,100,20);
De:=Input("Band Deviation ?",.5,3,2);
Alp:=2/(Lb+1);
Mt:=Alp*CLOSE+(1-Alp)*PREV;
Ut:=Alp*Mt+(1-Alp)*PREV;
Dt:=((2-Alp)*Mt-Ut)/(1-Alp);
mt2:=Alp*Abs(C-Dt)+(1-Alp)*PREV;
ut2:=Alp*mt2+(1-alp)*PREV;
dt2:=((2-Alp)*mt2-ut2)/(1-Alp);
But:=Dt+de*dt2;
Blt:=Dt-de*dt2;
But;
Dt;
Blt;

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