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Bollinger band bars Hull is a trading algorithm whose calculations are based on the use of effective forex indicators. Its calculations are aimed at determining the presence of a trend, its direction and strength, which in turn also allows determining the moment of opening a trade. The indicator is presented in the lower window of the price chart in the form of a channel from the top, middle and the lower border, between which there is a line with colored candles. Thus, depending on the current conditions of the indicator, the current trend is determined, and at the same time a certain trade is opened.
The Bollinger band bars Hull indicator is suitable for use with any currency pairs, on any timeframes.
Input parameters
There are several sections in the settings of the Bollinger band bars Hull indicator, each of which is responsible for its general functioning. The Input parameters section is used to change the parameters of technical work, the Colors section is responsible for its general visualization, and to add signal levels to the indicator window, the Levels section is used.
-DrawBars - parameter for the number of painted bars. The default value is 0.
-BBPeriod - calculation period of the Bollinger band indicator. The default value is 15.
-BBPrice - type of price to which the calculations of the Bollinger band indicator are applied. The default value is 6.
-BBDeviations - the current deviation of the Bollinger band indicator value from the standard value. The default value is 2.0.
-HullPeriod - period of the Hull indicator. The default value is 14.
-HullPrice - type of price to which Hull indicator calculations are applied. Default value is 0.
-WickColor - the color of the indicator, which is responsible for the weakening of the current trend. The default value is Gray.
-BodyUpColor - the color of the body of the candle, which is responsible for the growth in the market. The default value is LineGreen.
-BodyDownColor - color of candles with falling value. PaleVioletRed by default.
-BodyWidth - the thickness of the body of the indicator candles. The default value is 3.
-DrawAsBack - parameter for drawing a bar based on previous values. By default, it has a value of false.
-UniqueID - parameter for the unique identification of the indicator. The default value is BB bars 1.
Indicator signals
The Bollinger band bars Hull indicator is very easy to use due to its visualization, in addition, its application algorithm is similar to using the standard Bollinger band indicator. To open a certain trade,it should be determined the current trend. For this, the light of its middle line and the general direction of the channel are taken into account. To determine the moment of opening a trade, one should take into account the location and color of the formed candle. Thus, if the current market trend is upward, long positions are opened, if the trend is downward, short positions are opened. When the trend changes, trades are closed in both cases. It should be borne in mind that at the time of a weak trend, trades are not opened at all.
Signal for Buy trades:
- The indicator channel is directed upwards, while its middle line has a color with a growth value. At least three candles have a color with a growth value and are located above its middle line.
Upon receipt of such conditions on the signal candle, a buy trade can be opened, due to the presence of an uptrend. If the opposite conditions are received from the indicator, the trade should be closed. At this moment, a change in the current trend is possible, which in turn will allow considering the opening of new trades.
Signal for Sell trades:
- The indicator lines are directed downwards and the middle line has a color with a falling value. The current indicator candles also have a color with a falling value and are located below the middle line of the channel.
When a full combination of such conditions is received on a signal candle, a sell trade can be opened. At this moment, a downtrend is determined in the market. At the moment of its change, that is, upon receipt of reverse conditions from the indicator, the current trade should be closed and a new one should be considered.
Conclusion
The Bollinger band bars Hull indicator is a very effective little trading strategy based on the functioning of time-tested indicators. The indicator is very easy to use and suitable for traders with any level of experience, while practice on a demo account is recommended to gain trading skills.
