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Adjustable Trading Bands by Tushar Chande for Metastock
kaiji
almost 10 years ago
Metastock

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

Using the default values used in the formulas, I have found that these upper and lower bands provide effective risk control while trading. The upper band can be used as the extreme point to get rid of shorts and vice versa. In fact, prices tend to remain above both the bands while the market is in a strong uptrend, and prices remain below the bands in a downtrend. During short-term range-bound markets, they tend move between the bands. I have found this idea in TusharChande’s"New Technical Trader". Since you have studied ATR so thoroughly, it would be be very nice if you could comment on them. Can be made into a template for easier usage.

Source : guppytraders.com

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Indicator / Formula

Copy & Paste Friendly
Prd1a:=Input("ATR Period",5,20,5);
Prd2a:=Input("Period for Highest High Value",5,20,10);
(HHV(LLV(L,Prd1a)+ATR(Prd1a),Prd2a));
Copy & Paste Friendly
Prd2b:=Input("Period for Lowest Low Value",5,20,10);
(LLV(HHV(H,Prd1a)-ATR(Prd1a),Prd2b));

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