This is a slope indicator for Bollinger Bands indicator. It provides slopes for BB top band, center band (main) and Lower Band.
You can also set a threshold value for Center line to control Red/Green slope histogram lines.
Note: Demo Only works on EURUSD
Here’s what the indicator look like:
You can set the Slope Threshold for indicating Buy/Sell heightened levels. In the above Image the Threshold is set to 0, because of that all Bullish slope is Green and Bearish is Red.
Suppose we set Threshold to -10 and 10, then this is what we get:
And also set Slope Period. Default is 5, which means it will measure the COG values for past 5 bars and find the Slope based on time for past 5 bars.
You can also get Alerts when slope changes. Alerts can be Popups, Push Notifications, Email or in a File.
Here are all the settings:
Also get COG Slope in Buffer values for specified COG bars back.
What slope means:
This slope indicates whether price is trending up or down
These can be used to calculate volatility. Whether bands are closing or opening up.
In Bollinger bands, if bands are opening up, means trend is picking up and volatility is increasing. So it’s good to trade.
Use this slope indicator to supplement your existing Bollinger Bands strategy.