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BB - Keltner Support Resistance for Amibroker (AFL)
Rating:
5 / 5 (Votes 1)
Tags:
amibroker, bands
Although Volatility-based Bollinger Bands and Keltner Bands share many similarities, they differ in their construction. While Bollinger Bands rely on Std Deviation calculations, Keltner Band uses Average True Range, in representing volatility. Like Bollinger bands, Keltner Band signals are produced when the price action breaks above or below the channel bands and return to the median line. Some traders use this combination as Volatility Squeeze Indicator. When either of the band, converge, a volatility Squeeze occurs, which lead to sharp moves, upon “opening up” of the bands.
of the bands.
Indicator / Formula
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/* Bollinger - Keltner Bands */
/* AFL code by Prakash Shenoi */
/* Change BB Length and Std dev / Keltner Band periods and ATR settings by using
Param function (CTLR-R) to your preferred settings. */
BBLength= Param("BBLength",10,2,30,2);
StdDv= Param("Stdev",2,0.5,5,0.1);
K1= Param("Kelt EMA Periods?",5,3,50);
K2= Param("ATR Periods?",10,2,50);
Mul= Param("ATR Multiplier?",1,0.5,5,0.5);
Mi=EMA(C, K1);
Kel= ATR(K2)*Mul;
UB= Mi + Kel;
LB= Mi - Kel;
UpB=BBandTop(H,BBLength,StdDv);
Mdb=MA(C, BBLength);
DnB=BBandBot(L,BBLength,StdDv);
Plot (Close, "close",1,64);
Plot (Mi,"",3,1);
Plot (UB,"",3,1);
Plot (LB,"",3,1);
Plot(UpB,"",12,1);
Plot(MdB,"",12,1);
Plot(DnB,"",12,1);
GraphXSpace=4;
Title=Name()+ EncodeColor (colorViolet )+ " Bollinger - Keltner Bands: "
+"\n"+"RESISTANCE = "+WriteVal(UpB,1.2) + ", " +WriteVal (Ub,1.2) + " SUPPORT
= " +WriteVal (Lb,1.2) + ", "+ WriteVal(Dnb,1.2);0 comments
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