PST SM Rubber band Confirmation

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PST.SM_RubberBandConfirmation is demonstration of a trade set up confirmation signal. It is a “Show me” study and plots only on the candle meeting the condition.

You can see how candles are marked as potential entry point for a trade, when price penetrates Bollinger band and CCI. You can combine these signals with your existing entry signals for additional confirmation.

PST.SM_RubberBandConfirmation uses popular Bollinger bands and CCI to determine a trade signal. You can view description of Bollinger bands and CCI indicators in Trade Station help menu. The indicator, PST.SM_RubberBandConfirmation, does not draw Bollinger band or CCI, but uses them to determine a potential price reversal. The default settings for this indicator include all prices i.e. not restricted by a price zone. You can use this indicator as an additional confirmation for your trade entries.

Input Information:

Name	Expression	Default Value	Description
BBLength	Numeric	20	Sets the number of bars to consider for the center-line average for the Bollinger Band
NumDev	Numeric	2	Sets the number of standard deviations above (positive) or below (negative) the center-line average for the Bollinger band
CCILength	Numeric	14	Sets the number of trailing bars for the CCI to analyze at a time.
Oversold	Numeric	-100	CCI value to indicate that security is oversold
Overbought	Numeric	100	CCI value to indicate that security is overbought
PriceZone_High	Numeric	30000	Higher end of price zone of interest. The default value is high enough to include most securities, and all price ranges
PriceZone_Low	Numeric	0	Lower end of price zone of interest. The default value is set to zero to include all securities

Plots:

You can choose show-me style and colors of your preference on the “format analysis technique window” in trade station.

RB_S_Confirm: This plot shows confirmation for a short trade
RB_L_Confirm: This plot shows confirmation for a long trade

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