FOREX TRADING COACHES - BOLLINGER BANDS

BBands

These are significantly enhanced bollinger bands.  There are built in price alarms, alarms that can notify you when live price is within XX number of pips of crossing the upper or lower bollinger band or both.  These alarms can be audible and/or generate email/SMS notifications.

Parameters

(Click here for more info about parameters)

usePriceAlarms=false
displayUpperCrossAlert=false
displayLowerCrossAlert=false
pointProximityToAllowAlert=100
alertRepeatedly=false
emailCrossAlerts=false
emailPriceAlarm=false
bandAlarmColor=Moccasin
normalBandColor=DarkGray
highAlarmLineColor=Red
lowAlarmLineColor=Red
upperCrossColor=Yellow
lowerCrossColor=Yellow
barsToShowCrossHistory=0
BandsPeriod=10
BandsShift=0
BandsDeviations=2.0

barsToShowCrossHistory

Setting "barsToShowCrossHistory" to a value greater than 0 will display the actual price the candle would have to reach in order to cross the bollinger band.  The bollinger band is a dynamic indicator (rising price pushes the top band higher and pulls the low band higher, falling price pulls the top band lower and pushes the low band lower).  Therefore, complex calculations are required to determine where price would need to go to cross a band.  This calculation works for historical prices as well as the current candle.  The advantage here is that if you are on a 1 hour chart and the current candle opened 5 minutes ago, you can know exactly where price will cross the bollinger over the next 55 minutes.  When that candle closes and the new candle opens, the cross price will be different, but for any candle you know exactly where price will cross the dynamic bollinger band over the life of the current candle.

We recommend you keep this setting to the smallest number of bars possible, as there are several complex calculations required for each candle on the chart, and if you have too many candles being calculated on too many chart windows, it can slow down your computer and your trade station.

displayUpperCrossAlert / displayLowerCrossAlert

Setting displayUpperCrossAlert to true activates a proximity alarm about live price crossing the upper bollinger band. displayLowerCrossAlert does the same thing for the lower band. When price gets within a certain number of points (not pips, but chart points), then the alarm will sound.  The proximity is controlled by the pointProximityToAllowAlert setting. By default you will only receive one alert per candle that reaches the proximity.  However, if you set alertRepeatedly to true, then you will a continual audible alert repeatedly as long as price is within the proximity.  The proximity is based upon the actual bollinger/price cross whether or not the barsToShowCrossHistory discussed above is greater than zero.

If you set emailCrossAlerts to true, then a proximity alert will generate an email if your trade station is configured to send email.

pointProximityToAllowAlert

 

usePriceAlarms

Setting usePriceAlarms to true will cause two red horizontal lines to appear.  You may move these above and below price to easily set fixed prices that will trigger an audible alarm.  If price goes above or below the alarm lines, an audible alarm will ring once for every tick that is above/below.

emailPriceAlarm

If set to true AND usePriceAlarms is set to true, then once per candle, if price crosses the high or low price alarm lines on the chart, an email/SMS message will be sent.  NOTE: Even though the audible alarm rings repeatedly while price is above/below an alarm line, and email/SMS message will only be sent once per candle. You must have your trade station configured to send email/SMS messages in order for this parameter to work.

alertRepeatedly

Setting alertRepeatedly to true will cause displayUpperCrossAlerts or displayLowerCrossAlerts to chime repeatedly for every tick that where price is within pointProximityToAllowAlert points of the band.  By default, you will only get one alert box per candle when this event occurs. 

If you have this parameter set to true and emailCrossAlerts is also true, you will still only get one email/SMS cross alert per candle that comes within the proximity of crossing the band.

emailCrossAlerts

If set to true, AND if displayUpperCrossAlerts or displayLowerCrossAlerts is set to true, then each time a candle comes within pointProximityToAllowAlert points of crossing the band, an email/SMS message will be sent.  Only one message is sent per candle.  You must have your trade station configured to send email/SMS messages in order for this parameter to work.