Registered User
Joined: 10/7/2004
Posts: 142
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In the Webinar on March 20, Michael demonstrated how to build a scan that detected price crossing the lower Bollinger Band.
Is it possible to generate an indicator which would measure the value between price and a lower Bollinger Band?
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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The built in indicator to do this would be Bollinger Bands %B. It is negative when price is below the Lower Bollinger Band, ranges from 0 at the Lower Bollinger Band to 1 at the Upper Bollinger Band when price is within the Bollinger Band and is greater than 1 when price is above the Upper Bollinger Band.
Since the range of the Bollinger Bands %B is a 1 to 1 correspondence with the width of the Bollinger Bands. If price is the full width of the Bollinger Bands below the Lower Bollinger Band, its value would be -1.
If you actually wanted to display the Net Difference between price and the Lower Bollinger Band, we would need to know the exact settings of the Bollinger Band so we could help you create an Indicator Formula to use in a Custom PCF Indicator.
Modelling Bollinger Bands (& Standard Deviation) in a TC PCF
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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Registered User
Joined: 10/7/2004
Posts: 142
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Bruce, this is perfect. It is an even better solution than I had planned.
Thanks.
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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You're welcome.
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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