RENKO-SignalAM

Premium section indicator - StepChart_v7.6 600+ indicator

The updated StepChart indicator with the new set of MAs for using in EAs.
This indicator can be used instead of famous Renko charts.

First of all you should know that the Modern StepChart differs from the Renko chart because it uses OHLC prices instead of tick data. However we can note the old Renko charts (described by S.Nison) are based on the Daily Close prices. Because of that we can apply this indicator to any prices(Price=0...6) or to preliminary smoothed data.

The Bollinger Bands (BB) is an exemplary trend indicator created by John Bollinger. The indicator comprises of 3 lines – a center band and two external ones. The center band is a straightforward moving average, for the most part with the time of 20. The external bands are normally set 2 standard deviations above and underneath the center band. The Bollinger bands share something practically speaking with the Envelopes indicator. The thing that matters is that the borders of Envelopes are arranged above and beneath the moving average at the fixed separation in %, while the borders of the Bollinger bands are determined based on the continually changing standard deviation.