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Envelopes or station lines are similar to moving averages (or
slow MA when utilizing two MA’s). within the station lines of the daily
graph is about 95% of prices to the last two or three weeks, for
just intense cost worth appear on the channel lines. Channel lines function as price benchmarks – it is better to sell near the upper line, and buy-near the lower line of the channel.

The autoenvelope index is an original instrument that automatically determines the channel width by calculating the standard deviation of prices for the last 100 bars. It lets you work with both a fixed-size channel and a channel whose size changes once a week (or once a month on a weekly chart), so it can be used for intraday trading. The operating mode is set by the “Fixed channel size” parameter.

In addition to the channels , a moving average EMA is also built, which makes it easier to work with the channel. If you do not need to display the moving average, you can disable its display by setting the color “None” for the second line in the indicator parameters.

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  • ema_length (22) ‚Äď The number of bars to calculate the EMA – the center line of the channel.
  • Factor (27)
    ‚Äď The number of standard deviations (in tens) for calculating the channel. According to statistics, 2.7 deviations are enough, but this is only for the normal distribution of prices, which is not always present in the markets. We found that a value of 27 works for most stocks (daily bars), but you may want to use other values to suit your trading style.
  • fixed_channel_size (true) ‚Äď The channel size can be fixed or dynamic.

Version 2.0:

  • The “Fixed channel size” parameter has been replaced with ” channel_mode”;
  • The selected mode is displayed in the name of the autoenvelope indicator.

The “channel_mode” parameter can take values:

  • Fixed channel size-the width of the right channel border is used (corresponds to the true value of the “Fixed channel size” parameter of version 1.0).
  • Weekly sized channel-the channel width is calculated once a week (corresponds to the false value of the “Fixed channel size” parameter of version 1.0).
  • Dynamic channel size – dynamic channel width-is calculated on each bar.

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Published

03 February 2012

Updated

27 February 2012

Current Version

2.0

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Petr Voytenko January 12, 2021 8:39 pm
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A good indicator! When used properly, it may bring profit.