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Price 1 - The Custom Indicator which is
used as Price 1.
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Price 2 - Depending up the type of band
drawn (see "Draw:" below), Price 2 can be either another custom
indicator, or a certain price ($), percent (%),or number of
pixels (P) "Above", "Below", or "Above & Below" Price 1.
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Draw - Three "Draw" options are available
including "Horizontal Band (Price 1 to 2)", "Historical Band
(Price 1 to 2)", "Two Color Line", "Thick Bar",
"Thin Bar", and "Open Close Bar". These 6 options
are discussed in detail in the "Description" section below.
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Price 1 > Price 2 - This option is only
available with "Historical Bands" and dictates the color of the
band when Price 1 is above Price 2.
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Price 2 > Price 1 - This option is only
available with "Historical Bands" and dictates the color of the
band when Price 2 is above Price 1.
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Style -
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Historical Band (Price 1 and 2)
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Two Color Line (Price 1)
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Thick Bar (Price 1 and 2)
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Thin Bar (Price 1 and 2)
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Open Close Bar (Price 1 is open)
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A new technical indicator called "Price Bands" has been added.
Price Bands can be either "Historical Bands", "Horizontal Bands", or
"Two Color Lines" based on which "Draw" option is specified.
Horizontal Bands
Horizontal Bands are drawn between two specific prices. The first
price (Price 1) is determined by a user-specified custom indicator.
The second price (Price 2) can also be determined by a custom
indicator, or it can be set to a certain distance (price or percent)
"Above", "Below", or "Above and Below", Price 1. Horizontal Bands
draws from the left edge of the chart, to the right edge of the
chart, with the top and bottom of the band being dictated by the
selections for Price 1 and Price 2. As an example, you may create
two custom indicators that represent the previous session's high,
and the previous session's low (using syntax "MPD"). These two
custom indicators can then be used to draw a Price Band on an
intraday chart that shades the area representing the previous
session's trading range. Similarly, you could create a custom
indicator that represented the highest high of the past 10 bars
(using STAT). By setting Price 1 to this custom indicator and Price
2 to "1% Below Price 1", a Price Band would be drawn from the
highest high of past 10 bars, down to 1% below that highest high.
An example of a Horizontal Band can be seen drawn in blue in the
chart at the top of this page. This band is drawn between the
maximum high (MAX(HI, 5)) and minimum low (MIN(LO, 5)) over the past
5 bars.
Historical Bands
While Horizontal Bands are drawn as solid bands between two current
specific prices, Historical Bands are drawn between two historical
lines. An example of an Historical Band can be seen drawn in
green and red in the chart at the top of this page. This band
is drawn between a short (10-period) and long (20-period) term
moving average. Two colors are specified to control what color
the band is painted when Price 1 is above Price 2, and conversely
when Price 2 is above Price 1.
Two Color Lines
A Two Color Line is basically just any custom indicator, drawn in
two colors, based on whether a specified Signal is TRUE of FALSE.
The line also has a thickness that is specified in pixels (P).
In other words, any line can be drawn in two-color mode, with any
two colors and any thickness, based on any signal.
The Price Band indicator can be selected by clicking on the very top
or bottom of the band (by clicking on either Price 1 or Price 2).
The Price Band acts just like all other technical indicators in that
it can be drawn in front of or behind any other element (indicator
or instrument) in the chart pane. Price Bands are also not limited
to being drawn with instruments, but they can also be drawn along
with standalone indicators. For instance, Price Bands could be drawn
in the MACD pane representing the area from the highest MACD value
over the last 20 bars, down to 10 points below this highest value.
Or one could use the Price Pane to simply draw between two constant
prices. To obtain a constant numeric value from a custom indicator,
simply use the syntax "VAR" and setup the VAR token with whatever
numeric value you'd like, or use the syntax "10.5 + HI*0". In other
words, a number by itself (syntax like "10.5") is not allowed in
RTL. A token must be present somewhere in the syntax.
Thick and Thin Bars
These bar styles draw vertical bars between the two prices
(Price 1 and Price 2). The color of these bars can be customized
based on whether Price 1 is above or below Price 2. The Thin Bar is
drawn with a minimal width of 1 pixel, while the Thick Bar is drawn
using the Pixels/Bar width of the underlying chart. These new styles
can be used to create customized candlesticks (one Thick Bar for the
body and one Thin Bar for the candle wicks).
Open Close Bars
This style is similar to the "Thin Line" and "Thick Line" options in
that it take two custom indicators, and draws a vertical line (thin)
between the two custom indicators (Price 1 and Price 2). Actually,
this style is exactly like the "Thin Line" option with one addition.
It draws a small line protruding from the left of the vertical line
at Price 1 (representing the "open" price), and it draws a small
line protruding to the right at Price 2 (representing the "close"
price).
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