Skip to main content


Showing posts from January, 2011

Doda-Bollinger Bands indicator for MetaTrader4

Bollinger band is one of the famous indicator. But it's implication of 3 lines confuse sometimes and one can not take proper action on time. So, here is the modified version of Boolinger band. You'll get single line here.

Usage is simple. Buy when price closes above red line and you see blue line. Sell when price closes below blue line and you see red line. The sample image below is self-explanatory. The chart is latest EURUSD pair on H4 time frame. You can easily spot the starting of bull run and now starting of bearish phase.
Lastly, I've modified the code to great extent. It was originally by TrendLaboratory. So, the basic coding credit goes to them.

You can download the source code of file from here and compiles file from here.

When and how Gold started its bull run?

Gold is one of the commodity which has given decent returns regularly from the last several years. Even strong companies in stock market could not perform well in such a long period of time as they badly hurt investor portfolio during recession period of 2008.
Let's see the monthly technical chart of Gold using our favorite indicators Doda-Donchian and Ichimoku.

In the year 2002, Gold price closed above Doda-Donchian and Ichimoku Kumo (cloud); thus clearly giving the bullish kumo breakout and strong buy signal.
 It continued its upward journey year after year, always getting support on Doda-Donchian line. Then, it gave some correction in year 2008, but could not even touch kumo and the chart remains intact. It again started its bull run in year 2008 itself and both Doda-Donchian and kumo are supporting it.
Gold may give correction any time but that correction should be used to buy more. It's first support is at Doda-Donchian (blue line in chart) and next support is at kumo.

Nifty Technical Chart – 07-Jan-2011

I generally do not like do day trading or intra-day trading as it involves playing with lots of volatility in short span of time. The ECG of your heart changes with stock market chart.
But for those traders, who earn their bread and butter from intra day trading, here is one simple way to do that.

I'm giving here technical chart of Nifty on 15 mins chart using Japanese Ichimoku indicator. The chart image has been taken from new MotivWave free software.

On 5th Jan 2011, ints intra day movement, the price closes below Kumo. That was bearish kumo breakout. The same was confirmed was closing of Chikou Span(CS) - the yellow line below kumo. Whenever, the price and CS closes below kumo, one can easily take short-sell call on that stock.
I've added another useful indicator on this chart - Elliote Wave Oscillator. It also starting histogram below zero line; thus confirming selling.
The result - Nifty is moving downward from that kumo bearish breakout. At the time of writing this a…