Doda-BBands

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Doda-BBands

This tool is a specialized technical analysis indicator designed to help traders identify trend directions and manage risk by utilizing a modified version of the Bollinger Bands. Rather than simply showing standard volatility bands, this script focuses on identifying "Stop" levels to help users visualize where a trend might reverse or where price protection should be established.

Core Logic and Functionality

Trend Detection The script monitors the relationship between the current market price and the upper and lower boundaries of the Bollinger Bands.

  • Upward Trend: If the price closes above the upper band, the system recognizes a bullish move.
  • Downward Trend: If the price closes below the lower band, the system recognizes a bearish move.

Dynamic Stop Level Calculation Once a trend is established, the script calculates specific "Stop" lines. It uses an offset factor (referred to as MoneyRisk) to adjust these levels. The logic ensures that these stops are non-retroactive; in an uptrend, the stop level will only move higher if the previous level is breached, and in a downtrend, it will only move lower. This creates a "trailing" effect that follows the price action without being overly sensitive to minor market fluctuations.

Visual Signals and Alerts The script provides three primary ways to interact with this data:

  1. Lines: It can draw continuous lines on the chart representing the current trailing stop levels for both up and down trends.
  2. Signals: The user can choose to display specific icons (arrows) that trigger when a trend switch occurs, highlighting exactly where a new move begins.
  3. Audio Alerts: The script includes an automated notification system that triggers a sound alert the moment the trend flips from up to down (or vice versa), ensuring traders are notified of significant shifts in real-time.

Customization Options

The script is designed with several user-adjustable parameters to suit different trading styles:

  • Period and Deviation: Allows users to define the sensitivity and speed of the Bollinger Bands.
  • MoneyRisk: A multiplier used to adjust the distance of the stop levels, allowing for customized risk management based on individual trader preference.
  • Display Modes: Users can toggle between seeing only the visual lines, only the entry signals, or both simultaneously.
Indicators Used
Bollinger bands indicator
Miscellaneous
Implements a curve of type %1It issuies visual alerts to the screen
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Doda-BBands 
//+------------------------------------------------------------------+
//|                                          Gopal Krishan Doda      |
//|                                   http://www.DodaCharts.com      |
//|                         Modified version of Bollinger Bands      |
//|I'm not the original author of it. I've just modified the code    |
//|of existing indiator by TrendLaboratory.                          |
//+------------------------------------------------------------------+

#property indicator_chart_window
#property indicator_buffers 6
#property indicator_color1 RoyalBlue
#property indicator_color2 Red
#property indicator_color3 RoyalBlue
#property indicator_color4 Red
#property indicator_color5 RoyalBlue
#property indicator_color6 Red
//---- input parameters
extern int    Length=20;      // Bollinger Bands Period
extern int    Deviation=2;    // Deviation was 2
extern double MoneyRisk=1.00; // Offset Factor
extern int    Signal=1;       // Display signals mode: 1-Signals & Stops; 0-only Stops; 2-only Signals;
extern int    Line=1;         // Display line mode: 0-no,1-yes  
extern int    Nbars=1000;


double mykijun;
double mytenkan;
int ii;

//---- indicator buffers
double UpTrendBuffer[];
double DownTrendBuffer[];
double UpTrendSignal[];
double DownTrendSignal[];
double UpTrendLine[];
double DownTrendLine[];
extern bool SoundON=true;
bool TurnedUp = false;
bool TurnedDown = false;
//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
  int init()
  {
  
     ObjectCreate("mywebsite",OBJ_LABEL,0,0,0);
  
   string short_name;
//---- indicator line
   
   SetIndexBuffer(0,UpTrendBuffer);
   SetIndexBuffer(1,DownTrendBuffer);
   SetIndexBuffer(2,UpTrendSignal);
   SetIndexBuffer(3,DownTrendSignal);
   SetIndexBuffer(4,UpTrendLine);
   SetIndexBuffer(5,DownTrendLine);
   SetIndexStyle(0,DRAW_ARROW,0,1);
   SetIndexStyle(1,DRAW_ARROW,0,1);
   SetIndexStyle(2,DRAW_ARROW,0,1);
   SetIndexStyle(3,DRAW_ARROW,0,1);
   SetIndexStyle(4,DRAW_LINE);
   SetIndexStyle(5,DRAW_LINE);
   SetIndexArrow(0,159);
   SetIndexArrow(1,159);
   SetIndexArrow(2,108);
   SetIndexArrow(3,108);
   IndicatorDigits(MarketInfo(Symbol(),MODE_DIGITS));
//---- name for DataWindow and indicator subwindow label
   short_name="BBands Stop("+Length+","+Deviation+")";
   IndicatorShortName(short_name);
   SetIndexLabel(0,"UpTrend Stop");
   SetIndexLabel(1,"DownTrend Stop");
   SetIndexLabel(2,"UpTrend Signal");
   SetIndexLabel(3,"DownTrend Signal");
   SetIndexLabel(4,"UpTrend Line");
   SetIndexLabel(5,"DownTrend Line");
//----
   SetIndexDrawBegin(0,Length);
   SetIndexDrawBegin(1,Length);
   SetIndexDrawBegin(2,Length);
   SetIndexDrawBegin(3,Length);
   SetIndexDrawBegin(4,Length);
   SetIndexDrawBegin(5,Length);
//----
   return(0);
  }

   int deinit()
{
  ObjectDelete("mywebsite");   
}

int start()
  {
   int    i,shift,trend;
   double smax[25000],smin[25000],bsmax[25000],bsmin[25000];
   
   for (shift=Nbars;shift>=0;shift--)
   {
   UpTrendBuffer[shift]=0;
   DownTrendBuffer[shift]=0;
   UpTrendSignal[shift]=0;
   DownTrendSignal[shift]=0;
   UpTrendLine[shift]=EMPTY_VALUE;
   DownTrendLine[shift]=EMPTY_VALUE;
   }
   
   for (shift=Nbars-Length-1;shift>=0;shift--)
   {	
     
     smax[shift]=iBands(NULL,0,Length,Deviation,0,PRICE_CLOSE,MODE_UPPER,shift);
	  smin[shift]=iBands(NULL,0,Length,Deviation,0,PRICE_CLOSE,MODE_LOWER,shift);
	
	  if (Close[shift]>smax[shift+1]) trend=1; 
	  if (Close[shift]<smin[shift+1]) trend=-1;
		 	
	  if(trend>0 && smin[shift]<smin[shift+1]) smin[shift]=smin[shift+1];
	  if(trend<0 && smax[shift]>smax[shift+1]) smax[shift]=smax[shift+1];
	  	  
	  bsmax[shift]=smax[shift]+0.5*(MoneyRisk-1)*(smax[shift]-smin[shift]);
	  bsmin[shift]=smin[shift]-0.5*(MoneyRisk-1)*(smax[shift]-smin[shift]);
		
	  if(trend>0 && bsmin[shift]<bsmin[shift+1]) bsmin[shift]=bsmin[shift+1];
	  if(trend<0 && bsmax[shift]>bsmax[shift+1]) bsmax[shift]=bsmax[shift+1];
	  
	  if (trend>0) 
	  {
	     if (Signal>0 && UpTrendBuffer[shift+1]==-1.0)
	     {
	     UpTrendSignal[shift]=bsmin[shift];
	     UpTrendBuffer[shift]=bsmin[shift];
	     if(Line>0) UpTrendLine[shift]=bsmin[shift];
     if (SoundON==true && shift==0 && !TurnedUp)
         {
     Alert("DodaCharts-BBands going Up on ",Symbol(),"-",Period());
                       TurnedUp = true;
            TurnedDown = false;
     }
	     }
	     else
	     {
	     UpTrendBuffer[shift]=bsmin[shift];
	     if(Line>0) UpTrendLine[shift]=bsmin[shift];
	     UpTrendSignal[shift]=-1;
	     }
	  if (Signal==2) UpTrendBuffer[shift]=0;   
	  DownTrendSignal[shift]=-1;
	  DownTrendBuffer[shift]=-1.0;
	  DownTrendLine[shift]=EMPTY_VALUE;
	  }
	  if (trend<0) 
	  {
	  if (Signal>0 && DownTrendBuffer[shift+1]==-1.0)
	     {
	     DownTrendSignal[shift]=bsmax[shift];
	     DownTrendBuffer[shift]=bsmax[shift];
	     if(Line>0) DownTrendLine[shift]=bsmax[shift];
     if (SoundON==true && shift==0 && !TurnedDown)
         {
     Alert("DodaCharts-BBands going Down on ",Symbol(),"-",Period());
            TurnedDown = true;
            TurnedUp = false;
     }
	     }
	     else
	     {
	     DownTrendBuffer[shift]=bsmax[shift];
	     if(Line>0)DownTrendLine[shift]=bsmax[shift];
	     DownTrendSignal[shift]=-1;
	     }
	  if (Signal==2) DownTrendBuffer[shift]=0;    
	  UpTrendSignal[shift]=-1;
	  UpTrendBuffer[shift]=-1.0;
	  UpTrendLine[shift]=EMPTY_VALUE;
	  }

	  
   }	  


ObjectSetText("mywebsite","Doda-Bollinger 1.0 | Powered by www.DodaCharts.com", 10, "Arial", Red);
ObjectSet("mywebsite",OBJPROP_XDISTANCE,2);
ObjectSet("mywebsite",OBJPROP_YDISTANCE,15);
ObjectSet("mywebsite", OBJPROP_CORNER, 0);



	return(0);	
 }

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