Introduction

MT5 ships with the Envelopes indicator. This indicator allows you to create equidistant bands from a moving average by specifying a “deviation.” Unfortunately, the deviation is an arbitrary number. You might determine that 0.220 works well to contain 95% of close prices for USDCHF,H1, but when you change the period to H4, most of the bars are now outside the bands.

So, I created this self-tuning indicator. Instead of specifying a percent “deviation,” you specify the percent of bars you wish to “poke through” the bands. Using the above example, you could specify that you want 5% of bar closes within 200 bars to poke through the bands. That is:

• Percent Bars Outside = 5

• Tuning Method = Close

• Tuning Period = 200

When you switch from H1 to H4, or even to M30, the bands will always contain 95% of closes. You can also switch from EURUSD to GBPJPY without a hitch.

Notes

• Bands are always equidistant from the center moving average, but bands are not a fixed distance for all bars (as they are with the MT5 Envelopes indicator).

• The upper and lower band values are calculated from the last “full” bar. That is, bands are not calculated each tick.

• Upper and Lower band values are not re-painted on the display for new calculations. once calculated, band values are displayed and not changed. Internal calculations do re-calculate band values when fitting the 5% (example) criterion; however, these internal calculations are not displayed. Just remember: the displayed upper and lower band values are correct only looking into the past, i.e. to the left of the bar in question.

Disclaimers

Mac & Linux

Do not download this product if you have a Mac.

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