STARC bands – indicator for MetaTrader 5
This is a version of STARC bands with some deviations compared to the original bands .
By definition STARC bands are :
STARC (Stoller Average Range Channels) show three lines which create a
channel around an ordinary moving average. These three lines are:
- An n–period Simple Moving Average (SMA).
- An upper band, which is the n-period SMA plus an m-period Average True Range (ATR) multiplied by a constant K.
- A lower band, which is the n-period SMA minus an m-period ATR multiplied by a constant K.
STARC bands were developed by Manning Stoller.
Usage :the STARC Bands tend to define upper and lower limits for normal price action. Therefore, some traders use STARC bands to determine the level of risk prior to entry.
This version :
- has two bands (not just one) which are drawn as a filled channel
- it allows usage of any of the basic 4 type of averages for calculating the basic value of STARC and for ATR calculation – that way we can have variations that were not part of the original bands
- it has a set of 22 types of prices
It is a multi time frame version already
Important update : version 1.2 is now compatible with back-testing in multi time frame mode too