Better_Bollinger_Band - MetaTrader 5 Script - MT4/MT5 Resources

A better Bollinger Band is one with improved Bollinger Band calculation.

The October 1998 issue of Futures featured Dennis McNicholl's article "Better Bollinger Bands," in which the author suggested improving BB by modifying the following:
- Centerline equation
-Another equation for calculating frequency bands.

These bands are called DEEnvelopes with proposed changes to track prices more accurately and respond to volatility changes more quickly.

This indicator has two input parameters:

 Center = ((2.0-Alpha) * MT - UT) / (1.0-Alpha)
Top = Center + Deviation * DT2
Bottom[i] = Center[i]-Deviation*DT2
MT = Alpha * Median + (1.0-Alpha) * PrevMT
UT = Alpha * MT+(1.0-Alpha) * PrevUT
Median = (highest price + lowest price) / 2.0
DT2 = ((2.0-Alpha) * MT2-UT2) / (1.0-Alpha)
MT2 = Alpha * Abs (median-center) + (1.0-Alpha) * PrevMT2
UT2 = Alpha * MT2+(1.0-Alpha) * PrevUT2
Alpha = 2.0 / (1.0+period)
 Attachment download
 📎 better_bollinger_band.mq5 (10.07 KB)
 Source: MQL5 #22078