I wrote this up as a potential replacement for my BB based strategies, and so far it's looking pretty nice.
Description / Usage:
Description / Usage:
- Adjust length and multiplier much the same way you would expect with Bollinger Bands.
- Multiplier of 1 gives you a base channel consisting of one high, and one low sourced SMA (or EMA)
- The outer channels are increments of the base channels width, away from the median hl2 sourced SMA (..or EMA)
Comentarios:
New revision here, with more MA options than you can shake a stick at:
Comentarios:
Final revision done.
Added (optional) select-able fixed resolutions, so you can have 1 hour bands on your 1 minute chart if you do so feel inclined.
Otherwise just some minor code cleaning and proper commenting:
Added (optional) select-able fixed resolutions, so you can have 1 hour bands on your 1 minute chart if you do so feel inclined.
Otherwise just some minor code cleaning and proper commenting:
//@version=2 study(title="High-Low Difference Channels - SMA/EMA", shorttitle="HLDC", overlay=true) // Revision: 1 // Author: JayRogers // Reasoning: I wrote this up as a potential replacement for my BB based strategies, and so far it's // looking pretty nifty. // // Description / Usage: // // - Adjust length and multiplier much the same way you would expect with Bollinger Bands. // - multiplier of 1 gives you a base channel consisting of one high, and one low sourced SMA (or EMA) // - The outer channels are increments of the base channels width, away from the median hl2 sourced SMA (..or EMA) hlc_length = input(50, title="Channel Length", minval=1) hlc_diffMult = input(1.5, title="Difference Multiplier", minval=0.1, maxval=50) hlc_useEMA = input(false, title="Use EMA instead of SMA?") hl2_line = hlc_useEMA ? ema(hl2, hlc_length) : sma(hl2, hlc_length) high_line = hlc_useEMA ? ema(high, hlc_length) : sma(high, hlc_length) low_line = hlc_useEMA ? ema(low, hlc_length) : sma(low, hlc_length) diffMult(num) => hldm = (high_line - low_line) * hlc_diffMult r = hldm * num midline = plot(hl2_line, title="Midline", color=silver, transp=0) highLine = plot(hl2_line + (diffMult(1) / 2), title="Center Channel Upper", color=silver, transp=100) lowLine = plot(hl2_line - (diffMult(1) / 2), title="Center Channel Lower", color=silver, transp=100) diffUp1 = plot(hl2_line + diffMult(1), title="High Diff 1", color=silver, transp=0) diffUp2 = plot(hl2_line + diffMult(2), title="High Diff 2", color=silver, transp=0) diffUp3 = plot(hl2_line + diffMult(3), title="High Diff 3", color=silver, transp=0) diffDown1 = plot(hl2_line - diffMult(1), title="Low Diff 1", color=silver, transp=0) diffDown2 = plot(hl2_line - diffMult(2), title="Low Diff 2", color=silver, transp=0) diffDown3 = plot(hl2_line - diffMult(3), title="Low Diff 3", color=silver, transp=0) fill(highLine, lowLine, title="Center High-Low Fill", color=silver, transp=50)