How To Use Bollinger Band In Forex Trading Auto
Bollinger Bands consist of upper and lower band with a moving average of certain period. The upper band and lower band is the difference using the standard deviation of price by multiplier. The default multiplier is x2 and the average default is 20 days moving average.
The standard deviation is use to measure the diversity of the currency price with historical price. It takes the average mean of 20 periods and then square the difference with the mean price and historical price. Add up all the differences divide by total no. of periods. Lastly square root it back to get the standard deviation. As you can see, it gives a bigger value if the average price is more larger then the historical price. This is a good measure of the diversity of the price and its direction.
How To Use Commodity Channel Index In Forex Trading Auto
Commodity Channel Index (CCI)
CCI is developed by Donald Lambert in the 1980s as an indicator to identify trends and measures the current price level relative to an average price level over a given period of time with a factor of 0.015 and normal deviations of the average price.
CCI = (Typical Price - X-period SMA of TP) / (.015 x Mean Deviation), Typical Price (TP) = (High + Low + Close)/3, Constant = .015
+100 and -100
These 2 levels give a strong ...
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