Moving Average Bands
Overview
Moving Average Bands are based on a standard Moving Average. The actual band lines are offset by a positive and negative value from the central moving average value, to provide upper and lower bands. The bands can be calculated using a percentage, Average True Range (ATR) or Standard Deviation calculation.
To add the tool to your chart, select the tool from the Averages tool group, and left-click on the chart or indicator on which you wish to add the tool. Optuma will then draw the tool using the default settings.
Scripting Function: MAB()
Actions & Properties
Actions
Copy Data to Clipboard: Will copy the tool’s values to the clipboard which can then be inserted into a spreadsheet, for example, allowing for further analysis.
Add Technical Alert: When selected, a Technical Alert will be created for the selected security.
Add to Toolbar: Adds the selected tool to your custom toolbar.
Apply Settings to All: When multiple Moving Average Bands tools have been applied to a chart, page or workbook, this action can be used to apply the settings of the one selected to other instances of the tool. This is a great time saver if an adjustment is made to the tool - such as line colour - as this allows all the other Moving Average Bands tools in the chart, page or entire workbook to be updated instantly.
Copy Tool: Allows you to copy the selected tool, which can then be pasted onto a different chart window.
Move to Back: If the tool is displaying in front of other tools or indicators clicking this action will move the tool view to the background.
Move to Front: If the tool is displaying behind other tools or indicators on the chart, clicking this action will bring the tool to the forefront.
Restore Default Settings: Click this action if you have adjusted the default settings of the tool, and wish to return to the standard properties originally installed with Optuma.
Save Settings as Default: If you have adjusted any of the tool’s properties (colour, for example) you can save the adjustments as your new default setting. Each time you apply a new Moving Average Bands to a chart, the tool will display using the new settings.
Delete: Deletes the tool from the chart.
Properties
Tool Name: Allows you to adjust the name of the tool, as it’s displayed in the Structures Panel.
Bars: The number of bars that are averaged (e.g. if 5 then the values for the last 5 bars are added and divided by 5).
Calc Style: This option is used to set the type of calculation for the Moving Average Bands. The calculation options are Simple, Weighted, Smoothed, Exponential, Modified, McGinley, Geometric, Wilder, Center.
Calc Using: This option is used to determine which components of the data are used in calculating the Moving Average Bands. You can choose from, Open Price, Closed Price, High Price, Low Price, HL (High + Low / 2), HLC (High + Low + Close / 3), OHLC (Open + High + Low + Close / 4), OC (Open + Close / 2).
Offset Option: It is possible to change the Offset from a percentage to either a Standard Deviation or an ATR.
Upper Offset %: The value on which the upper band is offset from the central Moving Average value. If the offset is 2%, then 2% of the market value is added from the moving average value to calculate the upper value.
Lower Offset %: The value on which the lower band is offset from the central Moving Average value. If the offset is 2%, then 2% of the market value subtracted from the moving average value to calculate the lower value.
Offset Bars: When the Offset Option is set to ATR or Standard Deviation you can then adjust the number of ATR or Std Deviation offset bars to use.
Multiplier: When the Offset Option is set to ATR or Standard Deviation you can then set the ATR or Std Deviation multiplier value.
Upper Band: Expands to display the line properties of the upper band. The following properties can be adjusted:
- Plot Style - Adjusts the display style of the Upper Band of the Moving Average Band tool. There are 6 options available: Line, Dot, Histogram, Step, Shaded, Shaded Step.
- Line Style - When Line is selected as the Plot Style, the Line Style property allows you to adjust the type of line displayed. There are 8 options available: Solid, Dots, Dash, Dash Dots, Long Dash, Long Dash Dot, Long Dash Dot Dot, Stippled.
- Line Width - Allows you to adjust the width of the Upper Band of the Moving Average Band tool. Moving the slider bar to the right increases the thickness of the line.
- Line Colour - Allows you to adjust the colour of the Upper Band of the Moving Average Band tool.
- Visible - Un-tick this checkbox to hide the Upper Band of the Moving Average Band from the chart.
Lower Band: Expands to display the line properties of the Lower Band line. The properties are identical to those listed in the Upper Band.
Offset: Moves the tool forward or backwards in time. The offset is measured in bars, so a value of 2 will push the tool forward 2 bars and -2 will move the tool back 2 bars.
Tool Transparency: Use this slider bar to adjust the transparency of the tool. Moving the slider to the left will increase the transparency of the tool.
Visible: Un-tick this checkbox to hide the tool from the chart.
Show In Price Scale: When selected the current Moving Average Band values will be displayed in the Price Scale