molanis.com/forum - Tools for MetaTrader : The place to ask about the best expert advisor builder, expert advisor downloads, and expert advisor programming

hi
i would like to build my own bolliger band in the sperate chart,
i know the formula of bollinger band as:
mid band = SMA of 20
upper band = mid band + 1.96*(volatility)
lower band = mid band + 1.96*(volatility)
i have few issues need you to guide me how to build my own with IB,
1) i would like to set the mid band SMA 20, not with the closing price, i would like to replace with RSI value,
2) i don't know the calculation of volatility, but i would like to replace the price value to RSI value,
3) i would like this bollinger band and RSI in the same chart

hope i can get ur reply soon

thank you,
derek

The difficult task is the volatility part since it is the Standard Deviation. You may be able to use the indicator that comes with mt4
Try this:
Add one TI icon, then use the Indicator button and add the rsi indicator (mid band)
Add a second TI icon, then use the indicator rsi + the standard deviation indicator
Add the last TI icon, use indicator rsi - the standard deviation indicator
Mind you, the standard indicator that comes with mt4 is a calculation based on the price and not on rsi. If you want the standard deviation of rsi you meed to learn the formulas and create a separated indicator which is not an easy task