Volatility Bands - MetaTrader 5 Script - MQL5 #20595 | Trading Script Download - MT4/MT5 Resources
Excerpted from the May 2010 issue of Futures Magazine: Fixing Bollinger Bands by David Rooker.
Popularly known as the Bollinger Bands after they were named by John Bollinger, the Bollinger Bands are simply a chart of multiples of the standard deviation (above and below) of price from its simple moving average (SMA). By using standard deviation, we should reasonably expect that the distribution of prices around the mean should conform to or be close to statistical normality.
Unfortunately, this is not the case for Bollinger Bands and has led to a search to fix the problem. Based on observations of Bollinger Bands, here are some of the issues:
This is the version proposed by David Rooke as a solution to the above problem.
Attachment download
📎 volatile_bands.mq5 (12.2 KB)
Source: MQL5 #20595
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