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Hi how can I programm this? I found it in the page 61 of Long Term Secrets to Short Term Trading Larry Williams.
To adds a percentage of today's range to tomorrow's open and buy there for a long entry or substracts a percentage of today's range from the opening for a sell.
Oh I really don't know how can I programm this. Some help please...
I have already coded such an indicator and may post it. It can be used on the ETH session and RTH session.
Chart 1 shows that indicator for ES with a breakout point defined at 50% of the average daily range of the preceding 10 and 20 days. Of course you can also use 1 day as Larry Williams suggests and use 100% of that daily range.
The same results can be obtained with the noise bands. They also define breakout points relative to the open, and you can adjust the bands by selecting a higher percentage. Chart 2 shows the same breakout points, when using the noise bands.
Exported using NT Version 7.0.1000.10
This indicator is an old version and there will be no more maintenance. All the features have now been integrated with the SessionPivots indicator that can be downloaded here:
https://nexusfi.com …
If you are interested I can post the Target (or Breakout) Bands shortly.
Correct. I determine MIN (High - Open, Open - Low) for each day and then calculate a simple moving average.
I divide my trading day into three sessions, the Asian, the European and the US session. I apply the noise bands both to the European (London) session and the US session.
This is a powerful tool for the discretionary trader: it contains the price quite well during range days and can also be treated as a break out indicator when there's a close outside the bands.
However, I can't find more than a break-even strategy with regards to automation for now (which is not bad considering the time I spent).
My next research will include daily bar analysis (Inside Day, Trending Day etc) with intraday noise bands setups to increase the winning percentage.
Do you trade with these bands Fat Tails or are you just a brillant creator ?
I think the SessionNoiseBands should be fine. If you want the other one let me know via private message. I am not posting it in the downloads, because I do not want to pollute them with useless stuff. The SessionNoiseBands are better suited.
