This function creates plus and minus bands arround the input Price Series.
The output bands are a percentage of the input Price Series.
This is a simplified version of the Envelope function.
Formula:
IA = input Array(ususally OHLC of time Frame)
EnvPctUp = IA + (pct/100) * IA
EnvPctDn = IA - (pct/100) * IA
Parameters:
BarsBack interval with which to calculate a simple moving average.
Pct Multiply by this value to form upper and lower bands
as shown in the formula below.
Arguments:
BarsBack Not used, leave to a default value of 25
Pct Percentage to generate envelopes
Output Indicators:
EnvPctUp
EnvPctDn
Example:
Study Name Expanded in a 3 minute timeframe:
I3_EnvelopePct(25,2.62)(I3CloseI3)_I3
This study BollingerBand with a period of 25 and percentage of 2.62
The output indicators names are appended to the studyname,
that is if the studyname is sn1 then
the outputindicator is
sn1::EnvPctUp
sn1::EnvPctDn
