PROTECTED SOURCE SCRIPT
Volatility Profit (VPI) & Bollinger Bands (BB) [checkm8]
Hello and welcome to my 2-in-1 indicator of Volatility Profit Indicator and Bollinger Bands.
Volatility Profit Indicator is a script inspired by Jim Berg, from a 2005 article titled "The Truth About Volatility". This is a set of bands, where the upper band is based on a moving average of highs over a given period, added to the average true range of the period. The lower band is based on a moving average of lows over the same given period, from which the average true range is subtracted. The formula is shown below:
VPI High Band = MA(HI, type, x) + y * ATR(z)
VPI Low Band = MA(LO, type, x) - y * ATR(z)
where... type = MA Type (default to Exponential) x = MA Period (default to 13) y = True Range Multiplier (default to 2) z = True Range Period (default to 20)
Bollinger Bands should be familiar by now, but they are calculated based on a moving average of a source ([High + Low + Close] / 3), added to a particular standard deviation of the source.
This indicator:
- Allows you to choose whether you want to plot the Volatility Profit Indicator or Bollinger Bands. By default, each will show three bands.
- Has pre-made color schemes to choose from to simplify your life.
- Has smoothing for the Volatility Profit Indicator
- Allows you to choose the source for Bollinger Bands
- Allows you to select what multiplier of the average true range the Volatility Profit Indicator plots, as well as what standard deviations the Bollinger Bands show.
If you have any additional questions, concerns, or suggestions - feel free to reach out.
All the best & happy trading.
Volatility Profit Indicator is a script inspired by Jim Berg, from a 2005 article titled "The Truth About Volatility". This is a set of bands, where the upper band is based on a moving average of highs over a given period, added to the average true range of the period. The lower band is based on a moving average of lows over the same given period, from which the average true range is subtracted. The formula is shown below:
VPI High Band = MA(HI, type, x) + y * ATR(z)
VPI Low Band = MA(LO, type, x) - y * ATR(z)
where... type = MA Type (default to Exponential) x = MA Period (default to 13) y = True Range Multiplier (default to 2) z = True Range Period (default to 20)
Bollinger Bands should be familiar by now, but they are calculated based on a moving average of a source ([High + Low + Close] / 3), added to a particular standard deviation of the source.
This indicator:
- Allows you to choose whether you want to plot the Volatility Profit Indicator or Bollinger Bands. By default, each will show three bands.
- Has pre-made color schemes to choose from to simplify your life.
- Has smoothing for the Volatility Profit Indicator
- Allows you to choose the source for Bollinger Bands
- Allows you to select what multiplier of the average true range the Volatility Profit Indicator plots, as well as what standard deviations the Bollinger Bands show.
If you have any additional questions, concerns, or suggestions - feel free to reach out.
All the best & happy trading.
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