Thought I'd start a thread to help others 'see' what I mean with my description
of how I use 'BollingerPro'.. Because I use 'added data' in the code a trader
needs to limit focus to price and the newly plotted values. The trader is sort of
limited to using a data series that is smaller than 30minute to get a relevant
plot.. There again, that can change if the user goes in and changes the 'added
data' size(s) (not recommended until they're familiar with use)
PICS:
I uploaded a pic when I posted the .zip file.. In it I identify two 'Ellipses #'s 1 &2'
The pics attached here show those areas with BollingerPro plotting in a 50 share
chart using 10min data.. (I recommend using 10 min data to familiarize the user)..
There again you'll have to add 10min NQ DEC23 data to the chart you'll put
BollingerPro into.. I recommend the user to use a data series of a minimum 35
to 50 shares if they're using Volume data - as, when participation gets up, using
a smaller share value will make the plots visible for only a small portion of the
chart.. (make sense ?) It'll scale well, but you won't be able to compress the
time to see the BollingerPro plots..
So, ok, you've downloaded, and imported this.. put it into a 50 share NQ DEC23
chart with your other stuff.. (should work 'cause it uses almost zero resources)..
and its plotting - all good - now what the heck does it mean ? Well, it's 'studying'
(a term I'm using loosely) because it uses the 30min BB Upper/Lower values in a
quasi-calculation to get U/L values that are in FLUX (usable at your peril) until the
10 minute (or whatever time frame you've chosen) has closed.. At that point
the user knows that this plotted point can be a target or used as OB/OS on a
short term basis (probably till you get more information - right ?) I'd recommend
using this plotted value along with an average or trendline (perhaps Marty's) OR
'Mike's Footprint V2' imbalances(orderflow) to make an entry decision..
Trade Decisions :
My experience with this has taught me to use the MEDIAN to take reversals if
price is above the last BB(30min) 'Upper' not just sell an average cross above the
last BBPro(10min) 'Upper' print ('cause I KNOW its gonna sell :) - right ?)..
BECAUSE, the amount of times it sells down to the BBPro(10min) median and
reverses will astound you.. I saw it happen 6 times in a row on the close 9/19/23..
So, that's what the BollingerPro does on its own.. but I FULLY recommend
monitoring full time what a standard Bollinger(30min data series SD's(2), Period(5))
is doing.. keep close tabs on the last plotted 'Upper' and 'Lower' values with relation
to Price and especially in relation to the last plotted value of BollingerPro median..
You can draw very accurate biases from that information.. To quote Anthony Drager
"It works all day"..
