Actual MOGALEF bands code is the final result of a lot of contributors. Syllables MO-GA-LEF are the initials of three of them.
The basic idea of bands: the markets are still in range, and trends that are moving ranges. The Mogalef bands try to estimate the current range and to project its on the future if prices move. This future estimation is often of great relevance and very useful, especialy for market profile users or pivot points users.
FREE for WHS FutureStation Nano users, OPEN SOURCE for others.
The technical indicator Mogalef Bands projects to the future the high, median and low levels of the most possible range by taking in to account the market environment. This indicator can be applied straight away to any future, stock, index or currency you may be working in.
The bands are composed by a high, a low, and an average price of the current range. Once this range is no longer valid, new bands, calculated according to the environment are shown on screen.
As soon as new MOGALEF Bands appear on screen, you have an idea of the possible bullish or bearish targets and also of the fair price estimated by the market.
For members of "Mogalef Tools and Indicators Club".
The Mogalef Stop is particularly effective in capturing and remaining in large movements.
If ther's a new range in the trend, the stop is placed at the middle of the previous band only if it is outside the current band. Otherwise, it is placed on the the penultimate median.
The Mogalef stop is usually close enough to limit losses and far enough to stay in the major trends.