Author: Yakovlev (Ilyukhin) - My Upgrade
Description:
Meet the BandsFilter indicator, a refined version of Yakovlev's work that incorporates Kravchuk's ideas. Unlike the countless FA-TLs and SA-TLs floating around online, this indicator offers customizable filter parameters to suit your trading needs. You can find more details at http://fx.qrz.ru/. The indicators themselves are available here: http://codebase.mql4.com/ru/code/8861. Just a heads-up, you'll need to install some libraries for this indicator to work properly; details are provided at the link.
Using this indicator is similar to those based on Bollinger Bands, with the central line acting as a filter. The width of the bands is adjustable, and the Deviation parameter helps highlight flat markets with horizontal lines. Remember, the Deviation is measured in pips based on the indicator's deviation, not the price itself.
Image:
The dotted line represents the BandsFilter with the same parameters (Period=14, Standard Deviation=1).
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