Channel CorridorOVERVIEW
The Channel Corridor indicator is designed to operate on a log chart of asset prices (e.g., BTCUSD), specifically on a weekly timeframe.
The intent of the indicator is to provide a visual representation of market dynamics, focusing on a dynamically adjusted corridor around a Simple Moving Average (SMA) of an asset's price. The corridor adapts to changing market conditions. The indicator includes channels within the corridor for additional reference points.
PURPOSE
Trend Identification: The channel corridor can aid in visualising the overall trend, as it dynamically adjusts the corridor based on an SMA and user-defined parameters.
Volatility Assessment: The width of the channel corridor can may act as a gauge of market volatility.
Reversal Points: The channel corridor may signal potential trend reversals or corrections when an asset price approaches the upper or lower bounds of the corridor.
Long-Term Trend Analysis: The channel corridor may aid in longer-term trend analysis.
CONSIDERATIONS
Validation: It's recommended that careful back-testing over historical data be done before acting on any identified opportunities.
User Discretion: Trading decisions should not rely solely on this script. Users should exercise judgment and consider market conditions.
CREDIT
Ideation: Thanks @Sw1ngTr4der for the idea and corridor seed code
Metric
Market MonitorThe script can be used to send a JSON message to the webhook once per time. For example, to store market conditions in an external database. The latter is make sense for smaller timeframes due to TradingView limitations on the number of available bars. The interval between messages can be set in the settings. To set up transmitted market metrics, you will probably need to modify the script code to add metrics that are important to you.
Risk Metrics: Crypto VersionRisk Metrics for Crypto.
Market can be set to BTCUSD, BTCEUR, BTCCHF, BTCGBP, BTC1!, BTC2!, SPX, and DTB3
Beta
Correlation
Standard Deviation
Variance
R-squared
