Did I missed something or there is no BBWidth indicator in the WLPro - community or standard? Also, %B indicator in the TASC section allows to specify the period but not the number for standard deviation. Any reason why? Thank you.
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I know there are many posts on the topic and a few not so bad strategies. My question was if there is a built-in "drag and drop" indicator for BBWidth.
A separate question was why %B indicator doesn't have an option to change the number of standard deviations.
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1 - Most likely it doesn't exist because nobody requested it before.
2 - Let me guess. Author's
formula has the two numbers of StdDev fixed. It seems that Vervoort's formula somewhat differs from the traditional one. Its code is open, so you're welcome to customize it by downloading the project code.
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Thanks. I understand it now.
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I think I'll add BBandWidth to Community Indicators eventually.
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If you decide to add BBandWidth to Community Indicators, please consider creating a normalized or adaptive indicator, which is either ranked over a longer period or expressed as % of the MA or price. Probably, there are other good options. As prices may change significantly over a relatively short period, especially in highly volatile securities, the absolute value of BBandWidth at times is not that useful for comparison.
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I'll create the traditional versions, absolute and percentage, according to the well-known formulas above.
PercentRank from Community Indicators will be possible to apply to the resulting series in your Strategies.
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Gennadiy,
Feel free to update C.Indicators to v2012.02. Both Bollinger BandWidth and Bollinger %b (as defined by the author) have been added to the library.
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