OPEN-SOURCE SCRIPT

Faster Bands [AstrideUnicorn]

アップデート済

The Faster Bands indicator develops the idea of the famous Bollinger Bands. The classic Bollinger Bands indicator consists of a simple moving average of the price (called middle-line) and two bands, plotted at a two standard deviation level above and below the middle-line called upper- and lower-lines, respectively. We moved from simple averaging to exponential one to make our Faster Bands less lagging and more responsive to recent price changes. Simple averaging is used in Bollinger Bands twice - explicitly when calculating the middle-line and implicitly in the standard deviation calculation. In the first case moving to exponential averaging was very straightforward. We calculated the middle-line as an exponential average of the price. In the second case, instead of the standard deviation, we used a less common statistical metric, called Mean Absolute Deviation (MAD). We modified this metric by changing the simple averaging used in it to the exponential one.

HOW TO USE

You can use this indicator in the same way as the Bollinger Bands. The advantage of Faster Bands is that it responds faster to price changes and thus can give the signals earlier. You can also get a more stable price channel by changing the Uniformity parameter and using a higher timeframe to calculate the bands.

SETTINGS

Indicator Timeframe - defines a timeframe to be used for the indicator calculation. To make Faster Bands even more responsive, try to select a value lower than the timeframe of the opened chart.
Length - defines averaging window length for the indicator. Such a parameter is often called an indicator period.
Multiplier - defines upper- and lower-line levels. It is the number of deviations by which upper- and lower-band are away from the middle-line.
Uniformity - defines how uniform the bands' width will be. Higher values correspond to a uniformer width.
Source - defines a price time series to be used for the indicator calculation.

リリースノート

Converted the code to the Pine Script version 5

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