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I think we've been comparing apples and oranges here. On one side we have a proven mathematical fact that based on a log normal distribution curve, 90% is = to 1.645 standard deviations. There can be no argument on this because it is a solid math law. Black and Scholes won the nobel prize with there option pricing model (which uses this function) for bringing order to the option markets.
I think that Mr. Maas is saying that stocks don't follow a log normal distribution, or that he from his experience has found Bollinger bands work better when used differently. I am not saying that anyone is wrong. Please Mr. Maas correct me if I have miss-understood. I know that there is more than one way to look at things.
// Michael
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