Yes! A very good example of how to use CBL’s to range trade 
A good question.
Not a valid short cbl per my rules. This is in the middle of a BB walk up the top BB. Look at the higher TF’s to see it also. This is a no trade zone. Per my rules, only a 2 or 3 candle CBL is valid in a no trade zone. Also, my rules don’t allow taking a CBL in a no trade zone if more than 3 candles have penetrated the outer BB against the direction of the CBL since the last squeeze started expanding. I would stay in a long trade at that point and let profit run. In fact, per my rules I would still be in the trade long.
So am i right to say that all your lots you add on is 1% you are willing to risk?
Now i clearly understand why you take profit on the first lot, because if you don’t and pa retraces back, your profit will be eroded too.
That’s why you rather take it out first then risk letting it go by.
I had a trade on eur cad, up about 120 pips and went to bed when the news came out. I placed my stopped too far thus ended up with 30pips when it hit my SL.
I figured should news be coming out soon, it would be better to place a SL really tight as if its negative news it will get hit. If positive, it wouldnt get hit at all. Do you think that make sense?
And lastly, how do you stair step your SL? Do you see your home chart the 1HR tf, or do you look further into the 30mins or even 15mins to place your SL based on the lower TF charts?
Thank you once again, i appreciate it
Here’s a new indicator that highlights Bollinger Band squeezes.
It draws Bollinger Bands and the upper/lower lines of a Keltner Channel (Keltner midline is omitted).
A squeeze is deemed in effect if the Bollinger Bands are inside the Keltner Channel.
While of limited practical use (squeezes are pretty easy to see - for a human), I wrote it mainly to see if the squeeze detection algorithm was reasonable.
It becomes really useful when combined with the CBL Summary indicator to look for squeezes across 20 pairs simultaneously. Source code included 
Bollinger Squeeze.zip (1.72 KB)
Here’s version 10 of the CBL Summary indicator.
Solid boxes are short. Hollow boxes are long.
Red means price is close to entry.
Green means price is beyond entry.
Grey means no entry was found.
Columns
Extm/CBL
Shows the extreme candle, and the CBL entry candle, if found.
Pips
The number of pips to reach (negative) or beyond (positive) the CBL entry price.
HTF Trend
The higher timeframe trend direction. Trend is determined by the direction of the mid-bollinger band on the higher timeframe.
xxx Stoch.
Direction of stochastic filters in three lower timeframes.
Squeeze
One tick. Pair is in a squeeze.
Two ticks. Pair was in a squeeze, and is just leaving it.
ADR(x)
Average Daily Range in pips.
Settings
HTFTrendOnly
Discount entries where the higher timeframe trend disagrees.
CBLines
0=Tymen Orthodox rules. 2=2 Countback line rules.
LookBackBars
Number of candles back from the developing candle to look for an extreme candle. I’ve found that if you go back too far, the CBL becomes unreliable so the new default is 10.
ADRPeriodDays
Number of days to use in the Average Daily Range calculation.
ADRAlertFactor
When price gets within (ADR x ADRAlertFactor) pips of a CBL entry, that pair is highlighted in red.
ProcessIntervalMS
Number of milliseconds between refreshes.
Pair1, Pair2 etc…
The pairs to process. Note what your broker names your pairs. You should use those names, not necessarily the default ones.
CBL Entry Alert.zip (22.8 KB)
I am going to miss out on some of these nice applets by [B]NorwegianBlue[/B]. 
They are written for MT4 and I use GFT.
Yes Tymen you are missing out a little, NorwegianBlue outdoes himself everytime when there is a new version of his indicator, which i have named Botty:D! It is a very pedagogic learning tool in how, why or when a cbl has been drawn and such i think :)!
Great work on the indicators
Hi Graviton,
can you please explain range trade little bit more in details
how do you know that the pair will ranging and when?
when the pair is ranging does it mean that the pair is in side way?
did I understand correctly that each TF has their own range when the price is ranging? If PA is ranging on lower TF its also ranging on higher TF?
How we can recognize that PA is ranging? My problem is that I open a long trade at resistant and short at support as I unable to recognize the range and I am simple waiting when PA comes back to close the trade.
if breakout comes at the end of the range should we take the profit or we should continue to stay in the trade?
thanks
One more thing I was thinking to ask
what caused PAs opened with gaps on monday?
Hi NB,
I am such glad you did identify the squeezes!!
Do you know what I think, the better is the letter, the the boxes
well, its fine, for me is important SQZ pattern
thanks
Yes. I only risk 1% on the first lot, or on any single trade for that matter, and I don’t put the second lot on until I’m comfortable moving the sl on the first lot to BE. That will be when I have a new high (or low) to set the stop under. Sometimes that can take a long time to form. I usually watch those form on a TF lower than my home trading chart.
The majority of time price turns some time after entry and I settle for small pips, so I can’t get a second lot on in those cases. On average, out of 5 attempts, I’ll get about 2 bad entries with small pip losses, 2 early exits on price turning back after a good entry for small pip wins, 1 trade makes it to the second lot. Half the time even after the second lot is on, the price turns and I have to settle for BE or small pips. So it’s really only about 1 in 10 trades or so that I get the third lot on. Sometimes I’ll do better than that if a pair is trending very well.
I will also tighten up stops either when I’m ready to take profit or before news. Sometimes I’ll just exit on the spot, but if I believe price has some more room to run, I’ll tighten up stops and wait.
Yes, I stairstep my stops and additional lots by looking at a lower timeframe. So if 1H is my home chart on say a short trade, I’ll wait until one or two new lower highs are formed om the 15M chart, and move the stop down to just above the old lower high. I watch the 15M price swings on the stoch and RSI also. I’ll add lots at the top of a swing and take profits at the bottom of a swing for a short trade.
Even with lots of practice I can only get all these moving parts to work together a little more than 1/2 the time, but that’s all the edge I need to make good profits
Let me know how that works for you. If you have the discipline to stick with it, it should make a huge difference for you. Bounces off nice big round numbers, daily, monthly or weekly High Lows, pivot points, trend lines etc can all count as one reason. I don’t use things on indicators for more than one reason though. So if all indicators point one way, that’s only one reason to enter. It’s not a good reason if indicators are divided. At least the other two reasons must be more price action related, like a good CBL or breaking a trend line. Over time you’ll find some things work better for you than others, especially if you keep very good records and review your trades each weekend. I’m interested to see how this all works for you so keep me posted on your progress, OK?
Just bite the bullet and get yourself an MT4 micro account for $250 and don’t trade it, just use it for indicators. You can always cash it out later if it’s of no use to you
Just type range trading forex into google and read all about it. It’s obvious that a pair was trading in a range after the range has been established for a while and bounced of the top and bottom of the range several times. It’s harder to see the range early on as it just looks like a regular retracement. Yes, it’s sideways price action, more or less. On a higher TF it may just look like a short consolidation before continued trending or reversal. You want to let breakouts run as long as you can, that’s where the big pips are 
Most often, that gap is caused by an order imbalance. There are many orders stacked up to buy on the open at the market. Since there only buyers and no sellers to match the orders too, the brokers and market makers take the other side of the trade to open trading, for a huge difference in price, maybe 50 to 100 pips. They are counting on price closing the gap, as it usually does, and making easy pips. Usually they are right. That’s why it pays to trade large gaps to close, you are then trading with the biggest market makers who are also trading that the gaps will close. You have to be alert though. Usually you want to set a take profit 5 or 10 pips or so before the completion of the close. Often there are very many large take profit stops piled up right on the pip where the gap closes and price can rebound very quickly after everyone has their profit and all close their trade at the same time.
The other reason for big gaps is some major fundamental news that came out over the weekend. This is rare, but when it happens, the gap doesn’t close, in fact, it can keep on running and never look back. I don’t jump in right away for this reason. I wait a bit to see price moving a little in the direction of the close before I jump in. it may cost me 10 pips, but it’s a very good odds trade.
Hello Graviton,
Here is a silly but important question: What indicators you use to identify the trend in the daily chart or the 4h chart? As you already know a very important part of the system is to identify a trend and trade olny in the direction of the trend.
I use moving averages, i place a 20, 50, 100, and 200 SMA on the daily chart and see if the trend is up or down, or flat. Is that the only way?
I don’t know if i sound silly, but since you get stopped out so often, why don’t you placed your SL according to your home chart?
This way im sure you won’t get stopped out as easily right?
No doubt, your SL would get bigger though.
And there’s a slight hurdle i face right now is the news.
It come and goes very sudden! And i usually place my trades on during the london session, and when news comes out in the NY session, my trades can get volatile!
But am i right to say that if an impt news is coming out and a pair you are looking at forms a real nice entry, you still would not take it as the news can easily have the trade go against you?
Thanks graviton.
Hi NB,
for some reason it didnt place the indicator to my chart??
I did everything as before.
Hey NB
Awesome indicator! Thanks
But I get a different display then the one above in my data window… Am I missing something obvious?
Ok I’m just re editing this as some issues have been sorted thru the bbdna chat room, seems if there are too many pairs loaded & you don’t have enough RAM it can be a problem. Also if you have a black background (as I had) it will hide the indicator… Thanks NB