OPEN-SOURCE SCRIPT

Hurst Cycle Channel Clone [LazyBear]

Cycle Channel is loosely based on Hurst's nested channels. Basic idea is to identify and highlight the shorter cycles, in the context of higher degree cycles.

This indicator plots the shorter term (red) & medium term (green) cycles as channels. Some things to note:

As you can see the red channel keeps moving with in the bounds of green channel. When green breaches red channel, it usually signifies extreme market condition.
Both red & green channels provide support/resistance levels. Also, the green channel provides S/R levels to the inner red channel.
Movement of red channel with reference to green highlights reversal points, reducing momentum et al. For ex., point "(x)" in the chart shows how red channel failed to reach the upper green channel line and highlighted the local top.

Use this just like other bands/channels. I have more indicators derived from this idea, will post them later.

Some more examples:
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MSFT 1M:

DXY 1M:

IWM 1M:

More info:
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cyclicwave.blogspot.com/p/jm-hurst-cycles-courses.html

List of my free indicators: bit.ly/1LQaPK8
List of my app-store indicators: blog.tradingview.com/?p=970
(Support doc: bit.ly/lazybeardoc)

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.

Want to use this script on a chart?

LazyBear

List of my free indicators: bit.ly/1LQaPK8
List of my indicators at Appstore: blog.tradingview.com/?p=970

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Disclaimer

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