The Ultimate Moving Average Bands were created by me and @RedKTrader and this converts our Ultimate Moving Average into volatility bands that use the same adaptive logic to create the bands. I have enabled everything to be fully adjustable so please let me know if you find a more useful setting than what I have here by default. I'm sure everyone is familiar with volatility bands but generally speaking if a price goes above the volatility bands then this is either a sign of an extremely strong uptrend or a potential reversal point and vice versa. I have included strong buy and sell signals in addition to normal ones so darker colors are strong signals and lighter colors are normal ones. Buy when the lines turn green and sell when they turn red.
Let me know if there are any other scripts you would like to see me publish!
Greetings Mr. @cheatcountry. I noticed one mistake, but unfortunately I can't fix it.
When it occurs:
For example, a pair SUPERBTC tf 1h error 'Pine cannot determine the referencing length of a series. Try using max_bars_back'. On tf 1d the error disappears.
As far as I understood the problem is in the stdev function. (line 21), but unfortunately I'm stumped :)
cheatcountry
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@MyBots, send me a pm about this and I will take a look
sandyrindal
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Just Beautiful !!! will work with it and let you know !!!
Great script. The minimum and maximum lengths could be entered in a single equidistant input starting from 20 and increasing the range to make it smooth. It may not be better but it is easier not to end up overfitting the indicator.
@dgmoon, Thanks! The reason why I designed it like that was to provide a big range for possible lengths so the script can be just as adjustable for a very volatile stock or a stock that is choppy for example. If you change the max and min to such a small range like your example then the code doesn't adapt very much according to the current volatility and momentum of the stock. That being said changing the min and max to a small range can work well as a trend confirmation and/or part of a crossover system with the default settings. Also you will notice that I set the length to the max and adjust down when the stock has big momentum or volatility and adjust up when it is trending
1. With the standard configuration I notice improvements in the prediction of pre-volatile states, which is what I am looking specifically for.
2. With the little experience that I have, I have already seen that some people only use the congestion signals (reduction of the bollinger bands). Although the techniques with the BB are infinite.
3. For tracking I find a single input more comfortable; I usually leave the settings open while tracking the graph.
That said, the script is exceptional and when I have time, I will try to upload an idea with three completely different assets and 3 types of bands to show the difference.
In particular, I see that the short length directly affects the prediction of reversal states, your band is more accurate than a regular bollinger "maybe too much" depending on the personal trading style of each one.
Examples of signal lengths that I would use and possibly I implement in the script:
**I would only set the "LengthRange" while moving the chart at the same time**
keylength = input (22) [or 20]
lengthrange = input (10 to 15) "example" [and only move this input during track the chart]
maxlength = (keylength + lengthrange)
minlength = (keylength - lengthrange)
When it occurs:
For example, a pair SUPERBTC tf 1h error 'Pine cannot determine the referencing length of a series. Try using max_bars_back'. On tf 1d the error disappears.
As far as I understood the problem is in the stdev function. (line 21), but unfortunately I'm stumped :)