Is there any base or custom indicator for NT8 that allows you to set an envelope (and ideally a midline) that will encompass X% (e.g., 80%) of price action that has occurred over the last Y (e.g., 20) bars?

vickisb 

Is there any base or custom indicator for NT8 that allows you to set an envelope (and ideally a midline) that will encompass X% (e.g., 80%) of price action that has occurred over the last Y (e.g., 20) bars?

Hi, would the Keltner channel with the standard deviation modified to a value between 1 and 2 work? (I don't know the exact number that would represent 80% of the sample size, but it would be somewhere between the 1st (68%) and 2nd (95%) standard deviations.)

If that isn't what you are looking for you, you might find something useful at lizardindicators.com. They have a relatively cheap ($150 one time payment) library of indicators with quite a few different moving averages and statistical analysis tools.

Hope this is somewhat useful.

vickisb 

Is there any base or custom indicator for NT8 that allows you to set an envelope (and ideally a midline) that will encompass X% (e.g., 80%) of price action that has occurred over the last Y (e.g., 20) bars?

mwf2220 

Hi, would the Keltner channel with the standard deviation modified to a value between 1 and 2 work? (I don't know the exact number that would represent 80% of the sample size, but it would be somewhere between the 1st (68%) and 2nd (95%) standard deviations.)

@mwf2220, Keltner Channel doesn't use standard deviations, it uses ATR, but Bollinger Bands do -- that's probably what you meant.

@vickisb, Bollingers will give an out of the box solution that may be good enough, and you can try variations on the settings, as @mwf2220 says. Here's more on the percentages, as related to standard deviations: https://en.wikipedia.org/wiki/68%E2%80%9395%E2%80%9399.7_rule

You can vary the sd setting and see what works in terms of what you are looking for.

Bob.