below a moving average. The moving average, which forms the base for
this indicator, can be a simple or . Each
is then set the same percentage above or below the moving average.
This creates parallel bands that follow price action. With a moving average
as the base, can be used as a trend following indicator.
However, this indicator is not limited to just trend following. The
can also be used to identify overbought and oversold levels when the trend is
- This script to change bars colors.