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julesrulesny

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Subject : RE: Plotting an Indicator in chart and not the pan
Posted : 11/25/2014 5:40 PM
Post #23172 - In reply to #23171

This is the RSI Bands by Jeremy Williams.
There are some other variations of it as well.

It is not perse "Bands or Envelopes" around Price. Its just plotted on the chart. That was what I was looking to similarly do. But of course its entirely different. I was just using this as an example of how an indicator measured in the pane, was plotted in the chart...that's all.

Jim,
Mel,

I think you answered that then.. I guess it can't be done. But I also do realize I am still failing to explain myself. I am sorry guys, this is very difficult for me to do sometimes. I've probably edited this 20 times trying to word it right.

I'll try again on what exactly though this time I want, if you can bare with me -----
Like with any Standard score in Statistics, its the deviations above or below the mean - like with Bollinger. And zscore just shows the distance price is from these bands. (I want to get an average of the Deviations.. And how many times its deviating and how far its been, and how far it would have to go to reach a point of breakout or trend reversal.)

So for example - 10 days, how many times did price touch the Upper/Lower bands deviate and whats the value/average? Did price touch the bands 4 times, 50, 70 times, etc? How many times is it deviating from the mean? How far did it have to go? And how far away does it have to go to reach the Standard Deviation point/bands.....Also, when not touching the upper/lower bands - What's the difference, or how far is it between price and the Upper/Lower band? And, whats the average? And can this be shown on the chart and not in a pane?

Just another way of saying it ----
If I am looking at lets say a 60min. Chart. over the course of 100 days, in theory, price will deviate from the mean ... and we will see this in BollingerBands visually in a chart (and shown how far on zScore)...

But we do NOT see how many times it touches,(unless we count), nor an average of how many times it touches, or does not touch.. NOR can we get an average of how far price has deviated? And how far price is current AWAY from a StdDev of lets say 2..

Again, if looking over 100 days, periods, etc.. And you have Bollinger Set to "default" paramaters ... You may see the Open, High, Low OR the Close sometimes touching the upper or lower bands as well as NOT touching it.. I wanna know WHEN price touched it and how often. When not touching it, and how far away is it when not touching...
(as well as how far did it have to go to touch it - which is zScore).

Maybe it would be like a "moving average" of the Upper and Lower Bollinger Bands and the middle band is the average of how far it has been, on average, from the average price. (Perhaps with another line plotted showing how many times its touching or how many times its NOT touching).

***By doing this, you can get an idea of how strong the Forex Pair is CURRENTLY in relation to previous history based on how many times it can trend thru or breakout upper and lower bands. (ESPECIALLY when used with a correlating pair, or Oil, Gold and/or interest rates...) By smoothing this out, and seeing the distance it travels from its mean, breaking thru the "average" of the upper/lower StdDeviated bands, COMBINED with my zScoreMA - I am hoping tests will conclude this as a workable theory.

If its constantly trending or barely breaking out the upper or lower bands, its losing strength.. the longer this happens, the greater the chance of some reversal. Yes we can see this already, but the more times it hits, or the less times it does not hit -- I wanna know the average of this to see how Far it will have to "theoretically" go to START trending.. its an "early warning system" if you will.. if we just counted the distance, counted how many times it does hit the upper or lower bands, as well as counting how many times it does NOT hit.. it will be choppy.. An average smooths this out making it more reliable.. So, the smaller and smaller the average gets b/w Price from the mean, and an increase in average on how many times its hitting(or not hitting) these bands -- its the calm before the storm if you will ..(at least that's my theory and math behind this)

zScore itself is choppy if you will. Smoothing it out fixes this and has given me an excellent indicator to use that's versatile. So even tho my zScoreMA is a smoothed out version of how far price has deviated ---
in essence that is what a zScoreMovingAverage is.. its just smoothing out the current distance.

So sorry... B/c I see I've repeated myself a few times.. So now I am just going in circles. But hope this time I fully explained myself.

Is this still sound confusing?

Anyways, thanks for trying and reading my post.

Marc


[Edited by julesrulesny on 11/25/2014 6:45 PM]

Attached file : RSIbands.txt (1KB - 473 downloads)
Attached file : zScore Chart difference.jpg (138KB - 520 downloads)
Attached file : sweet spot.jpg (25KB - 548 downloads)

Deleting message 23172 : RE: Plotting an Indicator in chart and not the pan


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