OPEN-SOURCE SCRIPT
Keltner Channel - APEX
Keltner Channels are volatility-based bands built above and below an exponential moving average. This indicator is similar to Bollinger Bands but instead of Standart deviation of using the standard deviation uses the Average True Range (ATR) to set channel distance. The Keltner Channels it present for only allow EMA addition and EMA smoothing. Therefore I have taken the liberty to add those as default.
You can use the channels in its form to help you get into more volatile moves and thus getting out faster. I wanted to show an approach of screening area below a moving average by adding min max ATR. In Apex you will have to use 2 Keltner Channels with 2 Signals to build this up.
This feature will be available first in v1 APEX.
You can use the channels in its form to help you get into more volatile moves and thus getting out faster. I wanted to show an approach of screening area below a moving average by adding min max ATR. In Apex you will have to use 2 Keltner Channels with 2 Signals to build this up.
This feature will be available first in v1 APEX.
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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