HiLo EMA Custom bands

HILo Ema custom bands
This advanced technical indicator is a powerful variation of "HiLo Ema squeeze bands" that combines the best elements of Donchian channels and EMAs. It's specially designed to identify price squeezes before significant market moves while providing dynamic support/resistance levels and predictive price targets.
Indicator Concept:
The indicator initializes EMAs at each new high or low - the upper EMA tracks highs while the lower EMA tracks lows. It draws maximum of 6 custom bands based on percentage, fixed value or Atr
Upper EM bands are drawn below uper ema, Lower EMA bands are drawn above lower ema

Customizable Options:
Ema length: 200 default
Calculation type: Ema (Default), HILO
Calculation type: Percent,Fixed Value, ATR
Band Value: Percent/Value/ATR multiple This is value to use for calculation type
Band Selection: Both,Upper,Lower

Key Features:
You can choose to draw either of one or both, the latter can be overwhelming initially but as you get used to it, it becomes a powerful tool.
When both bands are selected, upper and lower bands provide provides dual references and intersections
This creates a more trend-responsive alternative to traditional Donchian channels with clearly defined zones for trade planning.
If you select percaentage, note that the calulation is based FROM the respective EMA bands. So bands from lower EMA band will appear narrower compared to the those drawn from upper EMA band


Price targets or reversals:
Look of alignment of lines and price. The current level of one order could align with that of previous level of a different order because often markets move in steps

Settings Guide:

Recommended Settings:
Ema length: 200
Use one of the bands (not both) if using large length of say 1000
Calculation type: EMA
HILO will draw donchian like bands, this is useful if you only want flat price levels. In a rising market use upper and vise versa
Calculation type:
percentage for indices : 5, for symbols 10 or higher based on symbol volatility
Fixed value: about 10% of symbol value converted to value
Atr: 2 ideally



Perfect for swing traders and position traders looking for a more sophisticated volatility-based overlay that adapts to changing market conditions and provides predictive reversal levels.
Note: This indicator works well across multiple timeframes but is especially effective on H4, Daily and Weekly charts for trend trading.