NISHANTHMAGICBAND

Hi there,

MAGICBAND consists of 2 lines above or below the price which acts as a resistance/support band in strong trending markets.

It is a trend indicator, unlike regular indicators, where we use the signal line , MAGICBAND takes help of Double MACD and Pivot points to establish strong reversal points in any instrument you trade. Since volume is incorporated in it already, the thickness of the band gives an clear idea how strong the trend is.

Strong trending markets have thick bandwidth and non trending markets have almost negligible band width. If you see that the band width of the band is increasing, that means that market is now attracting more volume in the direction of the band.

GREEN Band means only buy and RED band means sell conditions. Optimal convergence/divergence settings have been used to stay put in the trend we are trading till the trend lasts.

There is an option for the background color settings, BG turns screen to green or red as per the current band trend.

PM in case of any doubts/wishing to have access to the indicator. Good Luck !!