JayRogers

High Low Envelope Sigma

Description:

High and Low Envelope channel with median line and 'sigma' offsets to try and encapsulate price flow and quickly locate likely areas of support and resistance on the fly.
Script open-source

Nello spirito di condivisione promosso da TradingView, l'autore (al quale vanno i nostri ringraziamenti) ha deciso di pubblicare questo script in modalità open-source, così che chiunque possa comprenderlo e testarlo. Puoi utilizzarlo gratuitamente, ma il riutilizzo del codice è subordinato al rispetto del Regolamento. Per aggiungerlo al grafico, mettilo tra i preferiti.

Vuoi usare questo script sui tuoi grafici?
//@version=2

study(title = "High Low Envelope Sigma", shorttitle = "HLE Sigma", overlay = true)

// Revision:        1
// Author:          @JayRogers
//
// *** USE AT YOUR OWN RISK ***
// 
// Description:
// - High and Low Envelope channel with median line and 'sigma' offsets to try and encapsulate
//   price flow and quickly locate likely areas of support and resistance within smaller trend.

//=== INPUTS ===
length  = input(defval = 25, title = "Envelope Length", minval = 1, maxval = 1000)
sigma   = input(defval = 1.0, title = "Sigma Multiply", minval = 0.01, step = 0.1)
//=== /INPUTS ===

//=== SERIES and VAR ===
upperEnvelope   = highest(high, length)
lowerEnvelope   = lowest(low, length)
envelopeMedian  = (upperEnvelope + lowerEnvelope) / 2
envelopeSigma   = ((upperEnvelope - lowerEnvelope) / 8) * sigma
//=== /SERIES and VAR ===

//=== PLOTTING ===
plot(upperEnvelope, title = "Upper Envelope", color = #66FFFF, linewidth = 2)
plot(envelopeMedian + envelopeSigma, title = "Upper Sigma", color = #66FFFF, linewidth = 1, style = line)
plot(envelopeMedian, title = "Median", color = silver, linewidth = 1, style = circles)
plot(envelopeMedian - envelopeSigma, title = "Lower Sigma", color = #FF1133, linewidth = 1, style = line)
plot(lowerEnvelope, title = "Lower Envelope", color = #FF1133, linewidth = 2)
//=== /PLOTTING ===
If you like what I do, consider buying me a nice fresh cup of tea :)

https://paypal.me/JayRogersKreations

Commenti

Hi JayRogers,
hope you are doing well
would request you to please explain a bit more about the indicator, how it works, what are these lines for, what are the buy signals and what are the sell signals.
Thanks !
+1 Rispondi
JayRogers sakaragarwal
@sakaragarwal, the basis for this indicator is generally referred to as a "Donchian Channel" and the following article covers their general usage: https://www.tradingview.com/support/solutions/43000502253-donchian-channels-dc/

In this script, I made the addition of the "Sigma" which are a 1/8 fraction of the total width, with a user adjustable multiplier to tighten or expand them. While the price crossing the median may not signify a trend change, the price crossing the opposing sigma often does:



The Sigma band can be used as a good locator for new positions in an overall trend also.
Rispondi