In this overview we would like to tell about the Bands+Fibo_True indicator which draws channels behind the price chart. It is placed in the section Indicators "Channel building"
and it looks as following:
The cornerstone of the Bands+Fibo_True indicator is the same principle as in Bollinger Band building
However this modification of the indicator uses the average trade range (Average True Range) instead of a standard deviation. External lines of the Bands+Fibo_True indicator are received by Fibonacci's expansions 1,618, 2,618 and 4,326. An excellent option of this indicator is expansion and narrowing of the channel during high and low volatility, as shown at the pic below. In settings of the indicator it is possible to change the period that will give the chance to see lines both smoothed, and curves, depending on purposes of use
The Bands+Fibo_True indicator also gives us the opportunity to enter on borders with a good line position, to move behind lines of the channel the stop loss or withoutloss.
This indicator can be used as separate trade system, and for search of fields of exposure of stop loss or filtering an entrance to transaction. We wish you high profit.