It draws a Moving Average (MA) channel based on various boundary criteria. Even though the MA choices are not limited to and , these would be the your first choices with most PAC requirements, feel free to experiment though.
Optional Bar colouring around that channel.
(1) Select between 11 different types of moving averages for the base (centre) MA line choices are :
- SMA = (default)
- EMA = .
- WMA =
- VWMA =
- SMMA = Smoothed .
- DEMA =
- TEMA = .
- HullMA =
- SSMA = Super Smoother Moving average
- ZEMA = Near .
- TMA = Triangular (smoothed) .
(2) Select Channel Boundary Criteria:
- HILO = Channel boundaries based on High and Low MAs (default).
- ATR = Channel boundaries are Multiplier * ATR distance from base line
- PIP = Channel boundaries are Multiplier * PIPs distance from base line
- STDEV = Channel boundaries are Multiplier * StdDev(price) distance from base line (this is the same as if is the base MA)
- KC = Channel boundaries are Multiplier * StdDev(True Range) distance from base line (this is the same as channel if is the base MA)
(3) Option to display coloured Candles around the Ribbon, the colouring uses the Default candle 3-tone colour scheme:
- Lime = candle closed above Ribbon.
- Red = candle closed below Ribbon.
- Gray = Candle Closed inside Ribbon.
- Lime = Bull candle closed above Ribbon.
- Green = Bear candle closed above Ribbon.
- Red = Bull candle closed below Ribbon.
- DarkRed = Bear candle closed below Ribbon.
- Aqua = Bull candle closed inside Ribbon.
- Blue = Bear candle closed inside Ribbon.
Corrected Date of script released.
- Updated inputs to use selectable options.
- Added implied GPL copyright notice.
- Added SWMA and Laguerre types to moving average options.
I found an error on line 192:
Lwr = type=="ATR"? atrLower(C,M,L) : type=="STDEV"? stdLower(C,M,L) : type=="PIP"? pipLower(C,M,L) : type=="KC"? kcUpper(C,M,L) : hiloLower(C,M,L)
instead of kcUpper(C,M,L) should be kcLower(C,M,L).
Now, could you made some modifications in order to plot two of any of those channels on the same indicator. That would be superb, as I'm not a pro and can only have three indicators on the chart.
Thanks a lot. Your indicator is so useful. You're a good man.