BB Indicator - that does not repaint

Hi,

Can anybody suggest an indicator that alerts when the price has had a heavy / big close outside a BB, that does not repaint?

Thanks
Freddie

Why dont you just use the standard Bollinger Band indicator?

Yes, but want an alert to happen on MT4 when it happens.

So will get the alert, and then check if the close has happened on a level of confluence / above a MA ect....

Try this one, it should have an alert when the upper or lower bands are touched, it also clearly shows with squares where price has touched the bands.

Thanks Mathew,

Does it provide an arrow or similar, so can be visual alert when flicking charts.

Thanks

It looks like this, and has a sound alert I believe.

It shows squares when the upper or lower bands have been touched.

Hi,

Added it to my charts, looks good.

Then the arrow outside this level shows a high chance reversal, but I guess are all just indicators. The alerts give a clue of a reversal, but like to have confluence with price action and MA's.

Then when a good level does come at these alerts levels, seems even better as these other watched indicators are also showing a buy / sell signal.

Thanks

Ah Ok, will look into the settings, am not getting the reversal dots like you are.

Also when there are lots of closes outside the BB, and the price is drifting heavy downwards. There will lots of arrows, and make it seem these indicators are repainting. Where in fact there are multiple closes outside, especially if the price is driving up / down hard.


Look at this example with the CAP channel, shows overbought, but the MA is UP. And the price is bouncing off long term support.

So basically going against the massive funds who only trade the Weekly / Monthly, and do not "Dip in and Out" like I am trying to do.

True mate, but if there are lots of closes above the bands and false signals then it usually means the indicator does not repaint. If you have an indicator that is perfect in shows turning points in history then it 100% repaints.

Looking at your system using the CAP channel its looks so much like similar systems I have tried to develop. I became obsessed with developing a solid reversal system (tying to sell at tops, buy at bottoms), but never truly succeed to be honest. If I used repainting indicators then there was so many false signals, if I used non repainting indicators then I found the timing was very hard to nail, and make sure your not using the MA BBands indicator matey, that thing is pure bull shit!

If you have success in developing a good reversal system please post your results matey, would be very interesting to see what you have developed.

Thanks Mathew,

Gosh yes, you can get suck into cycle of trying to find the perfect indicator. I think the best way of doing such a thing is to build an EA, then tweet the settings.

Then run a backtest over many years. Otherwise you have to wait for the market to confirm a strategy, in the meantime you would have got bored when it loose a few times, and forget longer term probabilities. Alot of time and stress would be saved by setting out criteria, then back test it, rather than wasting to be honest perhaps our whole lives looking at charts.

See the examples below, there has been a hard break of the lower band, but the MA in red is still going up (so before it has a chance to repaint). If this went on then the MA will then begin to point down. So you could argue that a MA is a repainting indicator.

Then going into a clean chart, this level has happened on a level of price confluence.

So let the indicators be a pre warning of a reversal, as it goes against the trend that will change anyway, but in this time shot it has been an oversold condition that is against the general MA. And the point of entry is a "crystal clear" level, of price reversal.

I have spoken to coders, and it is almost impossible to programme when this happens at an important price level. Basically you have to go in manually and draw these with human decression. Best just see that the price has moved away from the mean a great distance, and then confirm it with raw price action manually.

I am working with a coder, that will make an alert, when the price closes outside the channel and the BB, WHILST THE CENTRE MA IS POINTING UP. Then it is a case of manually checking this reversal to mean opportunity has occurred at a significant technical level.

But then you do wonder all the time, the massive institutions have already coded what I have said (that might be wrong), and trading this sort of stuff automatically. With algo trading dominating the markets more and more.

Do you have a separate copy of the CAP channel indicator you could upload please mate? Since I started trading off a MAC I cant download from the MQl5 market place annoyingly!

Hi Mattew,

Have attached, what is your strategy BTW?

I like what you say about the repainting, how if a single arrow happens, it must repaint. But multiple ones means it does not.

Is there a way of back testing MT4 with an indicator, then noting the times it painted. Then seeing it this alert vanishes.

Hey bud,

Im trying to develop a solid non repainting reversal system, im a fan of "what you see is what you get" type strategies. In other words what you see in history and in real-time is exactly what you will see all the time. Makes it so much easier to visually backtest. Im just trying to find a good way to nail the entry in my system, as reversals are hard to nail I find, you will likely get stopped out by noise or chop before price starts to go in your favour i find. I should maybe get over my obsession with trying to nail reversals, it could just be greed tbh, lolol. But im sure I can get there in the end. If you like I can upload what I have already and you can have a look, maybe if you have some idea's of good ways to nail an entry that would be cool.

If you want to check if an indicator repaints you can either load up the indy on the 1 minute chart and just observe, you will see fairly quickly if its a repainter. Or you can use the MT4 strategy tester. Go to view, then strategy tester, or use the ctrl+R shortcut. Make sure you have the indicators option selected on the left, then open what indicator you want to test and what currency pair and timeframe you want it to run on. Press start and observe how the indictor will work in real time, you can speed up the tester with the scrollbar next to the visual mode option. Once the tester has finished running I usually drag another instance of the indicator on the strategy tester chart and see if there are any differences.