High Low Envelope Sigma
Description:
High and Low Envelope channel with median line and 'sigma' offsets to try and encapsulate price flow and quickly locate likely areas of support and resistance on the fly.
High and Low Envelope channel with median line and 'sigma' offsets to try and encapsulate price flow and quickly locate likely areas of support and resistance on the fly.
//@version=2 study(title = "High Low Envelope Sigma", shorttitle = "HLE Sigma", overlay = true) // Revision: 1 // Author: @JayRogers // // *** USE AT YOUR OWN RISK *** // // Description: // - High and Low Envelope channel with median line and 'sigma' offsets to try and encapsulate // price flow and quickly locate likely areas of support and resistance within smaller trend. //=== INPUTS === length = input(defval = 25, title = "Envelope Length", minval = 1, maxval = 1000) sigma = input(defval = 1.0, title = "Sigma Multiply", minval = 0.01, step = 0.1) //=== /INPUTS === //=== SERIES and VAR === upperEnvelope = highest(high, length) lowerEnvelope = lowest(low, length) envelopeMedian = (upperEnvelope + lowerEnvelope) / 2 envelopeSigma = ((upperEnvelope - lowerEnvelope) / 8) * sigma //=== /SERIES and VAR === //=== PLOTTING === plot(upperEnvelope, title = "Upper Envelope", color = #66FFFF, linewidth = 2) plot(envelopeMedian + envelopeSigma, title = "Upper Sigma", color = #66FFFF, linewidth = 1, style = line) plot(envelopeMedian, title = "Median", color = silver, linewidth = 1, style = circles) plot(envelopeMedian - envelopeSigma, title = "Lower Sigma", color = #FF1133, linewidth = 1, style = line) plot(lowerEnvelope, title = "Lower Envelope", color = #FF1133, linewidth = 2) //=== /PLOTTING ===