A two-line band is plotted on the chart, inside which the price chart is located. The indicator plotting method exactly repeats the plotting of the Bollinger Bands, except for the calculation of the distance to which the extreme lines are remote from the average line. While the Bollinger Bands are calculated with the use of the standard deviation, in envelopes this distance is set manually in settings.
How the indicator looks like in the chart.
The indicator has the following parameters:
Mode - sets the method of changing the band width (Percentage of price, price, price in ticks).
Range - band width.
Source - setting of the indicator calculation parameters:
Visualization, TopBand, BottomBand
Panel - selection of the indicator location in the chart:
- New panel
Show value - shows the indicator value on the price scale.
Show zero values - shows zero values.
Scale - if this option is ON, the scale will be calculated automatically based on the minimum and maximum indicator values, so that the indicator would be accommodated in the chart.
Visual type - visual setting of the indicator display in the chart:
- Up arrow
- Down arrow
- Axis label
Line style - setting of the line display style:
- Dash - dot
- Dash - dot - dot
Width - setting of the indicator line width.
Customer support service by UserEcho