We use the same algorithm for the TCB on all platforms, it will work exactly the same on any platform, you can also view some screenshot and videos we took from other platforms.
You might wonder, is there an indicator can show the trend, different levels of support and resistance, and the boundary of price action? The answer is yes, True Center Band (TCB) indicator is capable of doing all of them.
It consists of one center line to measure the center of price range within a given period,
and three channels (bands) represent different support and resistance levels.
True Center Band may look like some other indicators, such as Center of Gravity (COG) and polynomial Regression Channel (PRC). But there is one major difference, TCB never repaints, because it is not calculated by future data. Reliability makes TCB looks good, works better.
True Center Band is specially designed to work on all intraday charts (tick, mins, renko, range, etc.) and daily chart. It also works on all markets (Stocks, Futures, Forex, Options, ETF, etc.)
A good indicator should make complicated things simple.
Therefore, there is only 1 parameter.
Period: the number of bars used to calculate the True Center Band (TCB).
It's very easy to understand, if you want TCB to plot a long-term trend then set a big number such as 50.
If you want to see a short-term trend, then set a small number such as 15.
True Center Band will automatically plot the support and resistance levels based on the total number of bars loaded on chart.
For the same symbol, same date and time range and timeframe, if we load 10 days TCB will plot like the image below. The bands become much wider than the chart above, that's because the price range in the past 10 days is wider than the past 2 days.
For Minute chart of more than 30mins, in order to see a longer range of support and resistance levels, it's better to load more days in "Chart Settings".
If we load 50 days for a 30-min chart, the support and resistance lines will be calculated by the data from the last 50 days.
If you want to see the recent range of support and resistance levels, then just load the number of days you desire.
Take a closer look at this video below, you will find out how Polynomial Regression Channel indicator (PRC2) repaints and TCB doesn't repaint at all.
These videos are TCB in different chart types.
Albums of different chart type:
Copyright @ 2023 Patternsmart - All rights reserved
This website is for educational and informational
purposes only and should not be considered a solicitation to buy or sell a
futures contract or make any other type of investment decision. It's not recommended to use any single indicator as sole evaluation criteria. The companies
and services listed on this website are not to be considered a recommendation
and it is the reader's responsibility to evaluate any product, service, or
company. patternsmart is not responsible for the accuracy or content of any
product, service or company linked to on this website.
Futures trading
contains substantial risk and is not for every investor.Please read the following risk disclosure before considering the
trading of this product:
Futures Risk Disclosure. An investor could
potentially lose all or more than the initial investment. Risk capital is money
that can be lost without jeopardizing ones financial security or life style.
Only risk capital should be used for trading and only those with sufficient risk
capital should consider trading. Past performance is not necessarily indicative
of future results.
Trading stocks, options, futures and forex involves
speculation, and the risk of loss can be substantial.Investor must consider all
relevant risk factors, including their own personal financial situation, before
trading. Trading foreign exchange on margin carries a high level of risk, as
well as its own unique risk factors. Forex investments are subject to
counter-party risk, as there is no central clearing organization for these
transactions. Please read the following risk disclosure before considering the
trading of this product:
Forex Risk Disclosure. Spreads, Straddles, and other multiple-leg option
strategies can entail substantial transaction costs, including multiple
commissions, which may impact any potential return. Options are not suitable for
all investors as the special risks inherent to options trading may expose
investors to potentially rapid and substantial losses. Prior to trading options,
you should carefully read
Characteristics and Risks of Standardized Options.
patternsmart.com
will not be held liable for the loss of money or any damage caused from relying
on the information on this site. Any investment decision you make in your account is solely your responsibility.
TESTIMONIAL DISCLOSURE: TESTIMONIALS APPEARING ON OUR SITE MAY NOT BE REPRESENTATIVE OF THE EXPERIENCE OF OTHER CLIENTS OR CUSTOMERS AND IS NOT A GUARANTEE OF FUTURE PERFORMANCE OR SUCCESS.