My plan with this indicator was when trading at short timeframes, to modify my expectations on the potential impact of short term volatility based on volatility in longer timeframes, and when trading on longer timeframes to attempt to find an optimal entry point based on shorter term volatility.
The BBWP is calculated for a short, medium and long timeframe, alerts are triggered at extremities with the ability to filter by moving averages and chart movement. The alerts also trigger a plot to the "Backtest Signal" which can be used to trigger trades in a backtester.
Please see the discussions of how I'm using this indicator in the comments below.
Thanks to The_Caretaker for "Bollinger Band Width Percentile" upon which this multi time frame version is based.
The BBWP is calculated for a short, medium and long timeframe, alerts are triggered at extremities with the ability to filter by moving averages and chart movement. The alerts also trigger a plot to the "Backtest Signal" which can be used to trigger trades in a backtester.
Please see the discussions of how I'm using this indicator in the comments below.
Thanks to The_Caretaker for "Bollinger Band Width Percentile" upon which this multi time frame version is based.
Versionshinweise:
1.01
• Added bar color options, thanks @Jittra
• Cleaned up the inputs
• Added bar color options, thanks @Jittra
• Cleaned up the inputs
Versionshinweise:
Got sick of changing settings when I changed chart timeframes, added 'Auto' timeframe setting for medium and long timeframes. Auto applies as follows:
Chart Timeframe Auto Medium Auto Long
1 5 15
3 10 30
5 15 45
10 30 120
15 60 240
30 120 480
45 120 720
60 240 D
120 480 2D
180 720 3D
240 D 5D
720 D 5D
D 3D W
3D W 2W
5D 2W M
W M 2M
Chart Timeframe Auto Medium Auto Long
1 5 15
3 10 30
5 15 45
10 30 120
15 60 240
30 120 480
45 120 720
60 240 D
120 480 2D
180 720 3D
240 D 5D
720 D 5D
D 3D W
3D W 2W
5D 2W M
W M 2M