Emilio Reale is a friend of mine and asked me to post the code, he is an experienced traded that calculate this bands in metastock, I converted his code to MetaTrader 4.

The idea behind this band was originally for the calculation of the correct level of the stop loss in a breakout strategy, next we discover to important things about: we can use the bands for trail correcly the stop loss and discover particulare squeeze of the volatility: when the bands are squeeze, we have high volatility when the bands, instead are opened we must expect a slow volatility.

This bands also privide signals as shown in the picture we can use pivots of the bands for entry and the opposite band for stoploss and trailing according the bands movements.

Image:
this is a sample of the bands... super bands !

Parameters:

According the market we use we must setup the parameters to adjust
period normally is 13 or 20
mul is the multiplier for the type of market for the forex I use 1.5 for OIL or GOLD it's recommended 1.7 or higher
An

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This script is useful to traders, for whom it is important to know the average price movement over a certain number of days separately for each hour.
Number of days given by the variable d (int d = 390;). The script is designed for TF = 1 hour.

MTF_Bbands indicator.

The DJ Lines belongs to the Pivot group. All similar indicators operate on the principle - «Based on the values of the previous day (days) it is possible to calculate a point, passing which would mean a change in the trend».

This indicator attempted to emulate the DowJones levels.

FiboPiv_v1 indicator

Detrended Synthetic Price was originally developed by John Ehlers. There are various ways of using it, but the one I found that they use mostly (with fixed levels), is very limited in its usage (you have to adjust the levels for each and every symbol, time frame or any settings of the parameters).

Discontinued signal lines version seems to be a reasonable choice for the indicator to use instead of those fixed levels. This version is the bars version (colored bars drawn on the main chart) of the basic oscillator indicator, and here is how it looks compared to the oscillator )depending on the settings used for coloring options) :

Indicator RSI with Trend Catcher signal.

The indicator shows the gaps between the closing price of the previous bar and the opening price of the current bar. The gap size in points is set in the SizeGAP external parameter. The indication is performed using arrows, with the consideration that most gaps are closed. That is, an arrow points in the direction opposite to the gap.

The indicator starts below the main chart window and is very simple to use.

There are 2 steps to take signals via this indicator.

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