CRITICAL NOTES:
- This is a repainting indicator. Please read
Trader Manual
to understand how it works.
- A great use of this indicator is higher-timeframe overlay. Please watch
this video for technical instruction.
This is a legendary indicator in the MetaTrader arena, and ninZa.co successfully brought it to the NinjaTrader world. This is one of the best indicators that we have ever seen (though it repaints).
The primary use of this fantastic indicator is to catch beautiful PULLBACKS in a major trend. When the market travels outside the upper/lower bound and then returns inside again, a pullback signal is validated.
You will need to be careful that you only trade in the TREND direction. If the major trend is upward, you only take long signals; and if the major trend is downward, you only take short signals.
Thoughts it repaints, Magical TMA Bands is equipped with 2 backup plots: original upper bound & original lower bound. They are kept UNMODIFIED (not repainted ever) to help you be able to see the real history of what happened.
All the signals are also based on these original plots. In other words: once printed, signal markers will stay as-is (not readjusted or removed ever).
Key features:
- Plot a center line based on the period you specify, which controls the degree & scope of repainting
- Plot 2 bounds at a distance from the center line, in ninZaATR unit
- Plot 2 mid bands at a custom position between the center line and the bounds
- Plot original upper bound & lower bound
- Print markers on bound breakout
- Trigger alerts on bound breakout
- Print markers on price return
- Trigger alerts on price return
- Be NinjaScript ready for advanced usage, only restricted by your imagination
- Expose dedicated NinjaScript signals
Dedicated NinjaScript signals:
- Signal_State: 1 = above upper bound, -1 = below lower bound, 0 = inside
- 06 Aug 2020 - Original upper & lower bounds were added; alerts on price return were added; regular ATR was replaced with ninZaATR for better performance; massive changes, fixes and improvements were made (DPI, display name, Z order, alert properties, marker string, bar painting, chart info, property naming/positioning/grouping); alert popup was visually enhanced.
- 23 Jul 2019 - Sound selector was fixed.
- 23 Mar 2019 - The licensing system was critically upgraded.
- 11 Sep 2018 - The indicator was re-exported to be compatible with recent changes of the platform; the toolbar menu was removed.
- 21 Aug 2017 - The indicator was released (built new).
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