informanerd

Overbought/Oversold Bands

The basis of this script is my "Hybrid Overbought/Oversold Detector" which uses many different oscillators to confirm overbought/oversold conditions. The main idea is to generate higher and lower bands around the desired moving average using an average of the volatility (ATR) and the standard deviation (StDev), of course by interfering detected overbought/oversold condition.
Simply put, the more the asset become overvalued/undervalued, the tighter the channel would be and every breakout of the bands announces a return back into the channel in near future.

By default, the multiplier of the standard deviation in the indicator settings is set to 2 which means only less than 5% of price actions would appear outside the bands. Also the default multiplier of the ATR is set to 3 which leads to some similar result, but to achieve more strict results setting StDev multiplier to 3 and ATR multiplier to 4 would be useful.

The type of the central moving average could be picked up from 6 different types which are:
- SMA ( Simple Moving Average )
- EMA ( Exponential Moving Average )
- HMA ( Hull Moving Average )
- LSMA ( Least Squares Moving Average )
- TMA (Triangular Moving Average)
- MAEMA (My Personalized Momentum Adjusted EMA )

The latter one leads to a useful combination of the channel with the momentum.
Also the script has multi-timeframe features and the user could apply calculations from other time frames to the current chart.

Hope the idea would be helpful!
릴리즈 노트: - Added an option to change MA line width
- Added an option to colorize the MA based on detected trend
오픈 소스 스크립트

진정한 TradingView의 정신에 따라, 이 스크립트의 작성자는 스크립트를 오픈소스로 게시했기에 거래자들이 이해하고 확인할 수 있습니다. 작가님께 건배! 스크립트를 무료로 사용할 수 있지만, 게시물에서 이 코드를 재사용하는 것은 하우스룰을 따릅니다. 당신은 스크립트를 차트에 사용하기 위해 그것을 즐겨찾기 할 수 있습니다.

차트에 이 스크립트를 사용하시겠습니까?

코멘트

Thanks for sharing your script with the community. I have started testing it already. However, I will like you to clarify the quoted statement below:
"By default, the multiplier of the standard deviation in the indicator settings is set to 2 which means only less than 5% of price actions would appear outside the bands."
Are you referring to the upper and lower bands?
응답
informanerd akintades333
@akintades333, Hey. I mean between upper and lower bands.
If you like the math, you could start by reading this article:
https://en.wikipedia.org/wiki/68%E2%80%9395%E2%80%9399.7_rule
응답
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