OPEN-SOURCE SCRIPT
VolBands
Updated
This indicator defines a short-term and a long-term trend level as well as a short-term range. These price levels can be used for risk managing your position, increasing or decreasing size depending on position in the range and distance from the long-term trend level, as well as stopping out or reversing position when the long-term trend level is crossed.
Levels are based on the Trend Magic indicator and the range is proportional to the Yang-Zhang realized volatility .
Levels are based on the Trend Magic indicator and the range is proportional to the Yang-Zhang realized volatility .
Release Notes
Use only closing price above or below level to determine trade/trend direction colorRelease Notes
An option was added to show daily ranges and levels on all timeframes. The default keeps the original behavior.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.
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