BoDi - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources
The principle, calculation formula, explanation, Expert Advisor algorithm and recommended parameters of this indicator are drawn in Forex Magazine №438 .
The indicator is calculated as the difference between upper and lower Bollinger Bands . You may find that during pulsating upward or downward price movements, the bands widen (the difference between them increases), and when the movement weakens, they shrink (the difference decreases). It seems to me that it is impossible to use it to determine the beginning of movement, since it only becomes apparent at the end.
The narrowing of the Bollinger Bands tends to coincide with a moment of lull in the battle between bears and bulls, and these last moments can be used to find the end of the movement. The BoDi indicator is displayed in a separate window of the chart in the form of a histogram.
The indicator was first implemented in MQL4 and released in CodeBase at mql4.com on August 17, 2012.
Figure 1. BoDi indicator
Attachment download
📎 bodi.mq5 (6.04 KB)
Source: MQL5 #11378
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