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NSDT MA High-LowThis may seem like a pretty basic Moving Average indicator but I haven't seen one that changes the calculation point depending if the market is going up or down. I've added three EMA's (length of 20) on this sample chart to demonstrate the differences. These are not included with the indicator. Green, EMA calculated on High Red, EMA calculated on Low Yellow, EMA calculated on Close (default) Blue, EMA calculated on HIGH when rising but on LOW when falling. (looks at 3 candles back to gauge direction) * * * Note you can choose between 5 different Moving Average types Notice how the Blue line (when going up it's calculated on the High) is catching up to the Green line (which is already calculated on the High)? Notice how the Blue line (when going down so it's calculated on the Low) is catching up to the Red line (which is already calculated on the Low)? This gives a faster response in the direction of the market because it switches between calculating on the High or Low based on market direction. This script is free and open source.
Pine Script™ indicator
by NorthStarDayTrading
2
Pivot Average [Misu]█ This Indicator is based on Pivot Points. It aggregates closed Pivot Points to determine a " Pivot Average " line. Pivot Points here refer to highs and lows. █ Usages: Pivot Average can be used as resistance or breakout area. It is also very usefull to find battle zones. It can also be used as a trend indicator: when the price is below, trend is down, when price is above, trend is up. Mixed with momentum/volatility indicator it is very powerfull. █ Parameters: Deviation: Parameter used to calculate pivots. Depth: Parameter used to calculate pivots. Length: History Lenght used to determine Pivot Average. Smoothing MA Lenght: MA lenght used to smooth Pivot Average. Close Range %: Define price percentage change required to determine close pivots. Color: Color of the Pivot Average.
Pine Script™ indicator
by Fontiramisu
Multi TF Trend Indicator ...Mark Douglas in his book Trading in the Zone wrote The longer the time frame, the more significant the trend, so a trending market on a daily bar chart is more significant than a trending market on a 30-minute bar chart. Therefore, the trend on the daily bar chart would take precedence over the trend on the 30-minute bar chart and would be considered the major trend. To determine the direction of the major trend, look at what is happening on a daily bar chart. If the trend is up on the daily, you are only going to look for a sell-off or retracement down to what your edge defines as support on the 30-minute chart. That's where you will become a buyer. On the other hand, if the trend is down on the daily, you are only going to look for a rally up to what your edge defines as a resistance level to be a seller on the 30-minute chart. Your objective is to determine, in a downtrending market, how far it can rally on an intraday basis and still not violate the symmetry of the longer trend. In an up-trending market, your objective is to determine how far it can sell off on an intraday basis without violating the symmetry of the longer trend. There's usually very little risk associated with these intraday support and resistance points, because you don't have to let the market go very far beyond them to tell you the trade isn't working. The purpose of this indicator to show both the major and minor trend on the same chart with no need to switch between timeframes Script includes timeframe to determine the major trend price curve, close price is default, but you can pick MA you want type of coloring, either curve color or the background color Implementation details major trend is determined by the slope of the price curve Further improvements a variation of techniques for determining the major trend (crossing MA, pivot points etc.) major trend change alerts Thanks @loxx for pullData helper function
Pine Script™ indicator
by beskrovnykh
Constantly Applied Pressure Index (CAP index)BINANCE:ETHUSDT The CAP index is my own homebrew trend indicator made to help traders see the slightly bigger picture, because we all know that as traders we can tend to hyper-focus in on a few candles and end up making a stupid trade because of it, or is it just me ? On a more serious note this indicator helps you find the short term trend by looking at bullish and bearish candles comparing their sizes, volumes and predominance. The indicator has many technical settings for you to play around with but on the defaults it will render in a few colors which I will explain. Gray means no trend or that the current trend has died, bright green or red mean that a trend has formed, is playing out or that there is a good change a strong trend is about to form. Obviously green means bullish and red means bearish. Finally darker green and red mean a weak or weakening trend, this serves as a warning if you are about to take a trade in the trend direction. The way I recommend using the indicator is the same way many trend indicators are used, as a filter to either a different indicator creating trading signals or to your own strategy's signals. I would add an illustration here that I prepared but I cannot because of tradingview's reputation rules
Pine Script™ indicator
by Mynicknameislion
Juirk-Filtered QQE Histogram [Loxx]Juirk-Filtered QQE Histogram is a QQE indicator with 7 different RSI types, Jurik-Filtering with the option of double filtering. 2 types of signals, and Loxx's Expanded Source types. These additions are useful to filter out noise. What is Qualitative Quantitative Estimation (QQE)? The Qualitative Quantitative Estimation (QQE) indicator works like a smoother version of the popular Relative Strength Index ( RSI ) indicator. QQE expands on RSI by adding two volatility based trailing stop lines. These trailing stop lines are composed of a fast and a slow moving Average True Range (ATR). There are many indicators for many purposes. Some of them are complex and some are comparatively easy to handle. The QQE indicator is a really useful analytical tool and one of the most accurate indicators. It offers numerous strategies for using the buy and sell signals. Essentially, it can help detect trend reversal and enter the trade at the most optimal positions. What is Jurik Volty used in the Juirk Filter? One of the lesser known qualities of Juirk smoothing is that the Jurik smoothing process is adaptive. "Jurik Volty" (a sort of market volatility ) is what makes Jurik smoothing adaptive. The Jurik Volty calculation can be used as both a standalone indicator and to smooth other indicators that you wish to make adaptive. What is the Jurik Moving Average? Have you noticed how moving averages add some lag (delay) to your signals? ... especially when price gaps up or down in a big move, and you are waiting for your moving average to catch up? Wait no more! JMA eliminates this problem forever and gives you the best of both worlds: low lag and smooth lines. Ideally, you would like a filtered signal to be both smooth and lag-free. Lag causes delays in your trades, and increasing lag in your indicators typically result in lower profits. In other words, late comers get what's left on the table after the feast has already begun. Included: Loxx's Expanded Source Types Alerts Signals Bar coloring Included Libraries Loxx's Variety RSI Loxx's Jurik Tools Loxx's Expanded Source Types Related indicators: Natural Market Mirror (NMM) and NMAs w/ Dynamic Zones RSI/RSX QQE Histogram w/ Discontinued Signal Line Jurik CFB Adaptive QQE Adaptive Qualitative Quantitative Estimation (QQE)
Pine Script™ indicator
by loxx
3
Blockchain Fundamentals: 200 Week MA Heatmap [CR]Blockchain Fundamentals: 200 Week MA Heatmap This is released as a thank you to all my followers who pushed me over the 600 follower mark on twitter. Thanks to all you Kingz and Queenz out there who made it happen. <3 Indicator Overview In each of its major market cycles, Bitcoin's price historically bottoms out around the 200 week moving average. This indicator uses a color heatmap based on the % increases of that 200 week moving average. Depending on the rolling cumulative 4 week percent delta of the 200 week moving average, a color is assigned to the price chart. This method clearly highlights the market cycles of bitcoin and can be extremely helpful to use in your forecasts. How It Can Be Used The long term Bitcoin investor can monitor the monthly color changes. Historically, when we see orange and red dots assigned to the price chart, this has been a good time to sell Bitcoin as the market overheats. Periods where the price dots are purple and close to the 200 week MA have historically been good times to buy. Bitcoin Price Prediction Using This Tool If you are looking to predict the price of Bitcoin or forecast where it may go in the future, the 200WMA heatmap can be a useful tool as it shows on a historical basis whether the current price is overextending (red dots) and may need to cool down. It can also show when Bitcoin price may be good value on a historical basis. This can be when the dots on the chart are purple or blue. Over more than ten years, $BTC has spent very little time below the 200 week moving average which is also worth noting when thinking about price predictions for Bitcoin or a Bitcoin price forecast. Notes 1.) If you do not want to view the legend do the following: Indicator options > Style tab > Uncheck "Tables" 2.) I use my custom function to get around the limited historical data for bitcoin. You can check out the explanation of it here:
Pine Script™ indicator
by theheirophant
10
Autocorrelative Power Oscillator (APO) [SpiritualHealer117]This indicator is very strong in identifying short-term trends, and was made for trading stocks and commodities. When it is green, it indicates an uptrend, and red indicates a downtrend. The transparency of the columns illustrates the strength of the trend, with transparent columns indicating weakness, while solid columns indicate strength. Basic Explanation of the Indicator This indicator calculates an asset's Pearson's R coefficient when compared with several different lags of the stock's price. After that, the oscillator checks whether the indicator is in the green or red compared to those correlations, and takes the sum of the correlative periods to predict which direction the market should go based on the relationship of the current price with its past correlations.
Pine Script™ indicator
by spiritualhealer117
TheATR: Aroon Oscillator.Aroon Oscillator (AO). The Aroon Oscillator, was developed by Tushar Chande, in 1995, to highlight the start of a new trend and to measure trend strength. I re-branded a bit the whole thing, If you are familiar with how this Oscillator usually is, you are going to notice the differences. Aroon Oscillator Components. 1 - Aroon Up -> Bullish Directional Component, highlighted in blue. 2 - Aroon Down -> Bearish Directional Component, highlighted in purple. We also have the Oscillators static thresholds, which are: - 0 Line. - 100 Line. - Exit Signal Line Level. How to read the Aroon Oscillator. The AO main goal, is to identify the trend from its first stages, to then come up with how strong that trend is. So, classic interpretation for the AO would be: -Aroon Up>Aroon Down = Bull Scenario. -Aroon Up<Aroon Down = Bear Scenario. There's also a filter I added, called "Weak Spots Filter". It's purpose goes alongside with how the Aroon present its signals, which a big spike, that usually reaches the top range of the Oscillator, for both Long and Short cases. So, if the momentum of the market fails to push the Aroon up to a specific level (Exit Signal Line Level), the Filter says market's not strong, and therefore signal is not valid. The same level (Exit Signal Line Level) allows the user to set Exit Signals for the AO. I found Exit Signal extremely powerful in this oscillator, as they way they're structured aims to capture the slow down of the trend, which may be followed by the market reversing. TheATR Documentation regarding TheATR: Aroon Oscillator. I pretty much already say what I love about the Aroon: It's Exit Signals. Those are the most valuable part of the Oscillator, by far, in my opinion. Also, I noticed it gives nice trend recognition when the lenght it's set to big number (from 150 to 200, for ex). But. I would never use JUST the Aroon, to decide when to enter and exit the market. I think it may be an outstanding player if its in a team, where it should play a defensive role. But that's just my way of using it. I wish you find profitable ways too! Thanks for reading, TheATR.
Pine Script™ indicator
by thealgorithmictrader
Range Strat - MACD/RSIThis strategy uses a trend based indicator (MACD) for entry/exit signals with a momentum oscillator (RSI) to act as confirmation. Although relying on a trend based indicator this has been created for range bound crypto markets, which have been in a period of chop since June 2022. Long/Short signals are generated from MACD with the RSI oscillator thresholds suppressing entries at price extremes. This is not a mean reversion RSI strategy! As the indicators are contrary to each other you will need to be generous with the RSI settings in order for signals to trigger. Strategy is designed for use on the 4h timeframe, it may work well on higher timeframes, but lower time frames will lead to false signals. Use fixed percentage of equity for order size to capture the compounding effect. As a reversal strategy bear in mind that should market trend strongly in either direction stops will be required. The RSI thresholds can be tailored to provide higher frequency or safer signals. Similarly tweaking MACD settings will provide earlier/more frequent or safer signals. As this is intended to enter near range high / low you should check the visual cues to ensure a ping-pong effect is observed, so that peaks and troughs are captured. Once an observable range is established the strategy works well across a range of crypto markets, The script is open source, so feel free to amend as you wish. Using a different momentum oscillator may provide better results. I have prior coding experience, but first time using PineScript was last night, so it's not very tidy. I will update this with some additional customisation and TP/SL in the near future. Usage: Range bound markets Markets: Cryptocurrency Alts/BTC/ETH Timeframe: 4h
Pine Script™ strategy
by kuhoerk
8
TriexDev - SuperBuySellTrend (PLUS+)Minimal but powerful. Have been using this for myself, so thought it would be nice to share publicly. Of course no script is correct 100% of the time, but this is one of if not the best in my basic tools. (This is the expanded/PLUS version) Github Link for latest/most detailed + tidier documentation Base Indicator - Script Link TriexDev - SuperBuySellTrend (SBST+) TradingView Trend Indicator --- SBST Plus+ Using the "plus" version is optional, if you only want the buy/sell signals - use the "base" version. ## What are vector candles? Vector Candles (inspired to add from TradersReality/MT4) are candles that are colour coded to indicate higher volumes, and likely flip points / direction changes, or confirmations. These are based off of PVSRA (Price, Volume, Support, Resistance Analysis). You can also override the currency that this runs off of, including multiple ones - however adding more may slow things down. PVSRA - From MT4 source: Situation "Climax" Bars with volume >= 200% of the average volume of the 10 previous chart TFs, and bars where the product of candle spread x candle volume is >= the highest for the 10 previous chart time TFs. Default Colours: Bull bars are green and bear bars are red. Situation "Volume Rising Above Average" Bars with volume >= 150% of the average volume of the 10 previous chart TFs. Default Colours: Bull bars are blue and bear are blue-violet. A blue or purple bar can mean the chart has reached a top or bottom. High volume bars during a movement can indicate a big movement is coming - or a top/bottom if bulls/bears are unable to break that point - or the volume direction has flipped. This can also just be a healthy short term movement in the opposite direction - but at times sets obvious trend shifts. ## Volume Tracking You can shift-click any candle to get the volume of that candle (in the pair token/stock), if you click and drag - you will see the volume for that range. ## Bollinger Bands Bollinger Bands can be enabled in the settings via the toggle. Bollinger Bands are designed to discover opportunities that give investors a higher probability of properly identifying when an asset is oversold (bottom lines) or overbought (top lines). >There are three lines that compose Bollinger Bands: A simple moving average (middle band) and an upper and lower band. >The upper and lower bands are typically 2 standard deviations +/- from a 20-day simple moving average, but they can be modified. --- Base Indicator ## What is ATR? The average true range (ATR) is a technical analysis indicator, which measures market volatility by decomposing the entire range of an asset price for that period. The true range indicator is taken as the greatest of the following: - current high - the current low; - the absolute value of the current high - the previous close; - and the absolute value of the current low - the previous close. The ATR is then a moving average, generally using 10/14 days, of the true ranges. ## What does this indicator do? Uses the ATR and multipliers to help you predict price volatility, ranges and trend direction. > The buy and sell signals are generated when the indicator starts plotting either on top of the closing price or below the closing price. A buy signal is generated when the ‘Supertrend’ closes above the price and a sell signal is generated when it closes below the closing price. > It also suggests that the trend is shifting from descending mode to ascending mode. Contrary to this, when a ‘Supertrend’ closes above the price, it generates a sell signal as the colour of the indicator changes into red. > A ‘Supertrend’ indicator can be used on equities, futures or forex, or even crypto markets and also on daily, weekly and hourly charts as well, but generally, it will be less effective in a sideways-moving market. Thanks to KivancOzbilgic who made the original SuperTrend Indicator this was based off --- ## Usage Notes Two indicators will appear, the default ATR multipliers are already set for what I believe to be perfect for this particular (double indicator) strategy. If you want to break it yourself (I couldn't find anything that tested more accurately myself), you can do so in the settings once you have added the indicator. Basic rundown: - A single Buy/Sell indicator in the dim colour; may be setting a direction change, or just healthy movement. - When the brighter Buy/Sell indicator appears; it often means that a change in direction (uptrend or downtrend) is confirmed. --- You can see here, there was a (brighter) green indicator which flipped down then up into a (brighter) red sell indicator which set the downtrend. At the end it looks like it may be starting to break the downtrend - as the price is hitting the trend line. (Would watch for whether it holds above or drops below at that point) Another example, showing how sometimes it can still be correct but take some time to play out - with some arrow indicators. Typically I would also look at oscillators, RSI and other things to confirm - but here it held above the trend lines nicely, so it appeared to be rather obvious. It's worth paying attention to the trend lines and where the candles are sitting. Once you understand/get a feel for the basics of how it works - it can become a very useful tool in your trading arsenal. Also works for traditional markets & commodities etc in the same way / using the same ATR multipliers, however of course crypto generally has bigger moves. --- You can use this and other indicators to confirm likeliness of a direction change prior to the brighter/confirmation one appearing - but just going by the 2nd(brighter) indicators, I have found it to be surprisingly accurate. Tends to work well on virtually all timeframes, but personally prefer to use it on 5min,15min,1hr, 4hr, daily, weekly. Will still work for shorter/other timeframes, but may be more accurate on mid ones. --- This will likely be updated as I go / find useful additions that don't convolute things. The base indicator may be updated with some limited / toggle-able features in future also.
Pine Script™ indicator
by Xeirt
4
RSI TrendRSI Hull Trend is a hybrid indicator with RSI of HULL Signal. The Hull MA is combined with RSI to see if the Hull MA Buy/Sell Signal is in overbought or oversold condition. Buy Sell Signals are plotted based on settings of OB/OS or RSI. This indicator is very useful to see if the Trend is in Exhaustion or Beginning of a Trend. Entry and Exit conditions can be more precise based on OB/OS condition of price action. In addition normal RSI trend is plotted with trend color from Hull MA. Best Performance with Heiken Ashi Candles. OB/OS Settings provided Hull Buy/Sell Signals plotted Double RSI FAST and DEFAULT signal with crossover Bar Color applied based on Hull RSI Trend Hull Trend + RSI + Price Action
Pine Script™ indicator
by traderharikrishna
28
Munich's Momentum Wave V2MUNICH'S MOMENTUM WAVE VERSION 2 IS LIVE!!! There are a few big things to note with this one. I decided to upload this as an entirely new script due to the number of changes differing from the first version, but as the last one, this will still work on ANY TIMEFRAME, ANY ASSET CLASS, ANY PRICE! . This momentum wave indicator now will give you data for when trend could turn, and two momentum indicators to help you decide when to take an entry. First off, *I have added an alma ma (alma) that will track momentum alongside price action and further lead the indicator consisting of the Munich waves. * The background feature will track the price using a method derived from the Bollinger bands, after calculations, it will color the background based on the average of the momentum's ema's, the alma ma, and also the alma in comparison to the alma's value pre offset ( the offset is 3, following the basis). *There are now 5 basis values given from the increase in ema samples. If anyone has any questions feel free to pm me or comment below. Thank you guys for the support! :) INDEX:BTCUSD TVC:NDQ AMEX:SPY BITSTAMP:ETHUSD BINANCE:BTCUSDT FX:USDJPY NASDAQ:AAPL
Pine Script™ indicator
by CheatCode1
4
SKYtrend Bruteforce Open Source✨SKYtrend Bruteforce Now Open Source✨ 📌This indicator analyzes the trend and calls Long/Short which is fully custom to fit your style of trading. 📌Custom Take Profit Levels currently have 3 TP levels for Long and Short you can decide which % each TP will be in settings. 📌2 Custom Stoploss levels. For Long or Short. Can Enable or Disable either. 📌Can set alert For Long, Short , TP Long 1-3, TP Short 1-3, SL 1-2 📌Has built in ichimoku cloud If you like it, like it. :)
Pine Script™ indicator
by SavvyEvelynCharts
7
Trend Friendly RSITrend Friendly RSI Unlike the standard RSI, "Trend Friendly RSI" adapts to the trend. RSI and other momentum-based oscillators cannot give a buy signal in uptrends and a sell signal in downtrends because they do not take into account the momentum of the trend and behave as if the price is in a constant sideways trend. "Trend Friendly RSI", on the other hand, takes into account the momentum of the trend of your chosen length and subtracts it from the current momentum, thus giving more realistic buy and sell signals. use it to identify your long-term investments and trading entry points for hodl. It would be wise to use this indicator for assets that you have done fundamental analysis and are sure of the trend direction. it doesn't know what the price will do, it just shows the points that are suitable for you. remember this indicator will fail in horizontal trends.
Pine Script™ indicator
by faytterro
8
MFI StrategyThis indicator is based on MFI25 and EMA55 and optimized for 1 day graph and slow swing trading to show large moves and tops and bottoms. You can change the MFI and EMA settings according to your style of trading. The change from green to red and visa versa are the buying and selling moments. The yellow line indicates that a change is possibly comming or not really sollid, so with yellow it's your own feeling that is leading. Always combine this graph with others. F.i. a RSI14 to look for divergenses. Ps. I'm not a professional or very experienced trader, but this indicator works perfect for me. Succes.
Pine Script™ indicator
by JosVerh
3
Donchian Channels OscillatorIf we take the difference between Donchian Channels upper and lower, we can get a lot of information on the trend. I made it into a percentage and used a color system to make it easy to look at. > green color = bullish trend > red color = bearish trend > white color = consolidation OR trend is about to change (low percentage) The percentage value tells us about the strength of the trend. The highest, the strongest the trend is.
Pine Script™ indicator
by cyatophilum
5
PrevHighLow Trend IndicatorPrevHighLow Trend Indicator which is calculated by using prev lowest and highest of p1 -period and p2 -period for two MAs. First MA is made of prev highest of p1-period / prev lowest of p1-period. Second MA is faster, made up of p2(<p1)- period(same formula). Can be used in the next way: slower MA(straight line) shows main trend, faster shows temporary trend. BUY, when first MA and second MA are green; Exit: second MA changes from green to red. SELL, when first MA and second MA are red; Exit: second MA changes from red to green. RSI Assistant basically filtres signals in the way, when signals from RSI and Faster MA are similar? it signals about it with labels: BUY for long, SELL for short. You can either enable or disable it. Also customizable so you can find your setup. RSI Assistant, depending on you customize it, can help you either follow trend or show reversals. Just find your own setup and watch things happen! Feel free to leave valuable feedback and your setups which you consider to be good. Hope you PHLTI usefull. Good luck!
Pine Script™ indicator
by tarasenko_
3
TriexDev - SuperBuySellTrendMinimal but powerful. Have been using this for myself, so thought it would be nice to share publicly. Of course no script is correct 100% of the time, but this is one of if not the best in my basic tools. Two indicators will appear, the default ATR multipliers are already set for what I believe to be perfect for this particular (double indicator) strategy. If you want to break it yourself (I couldn't find anything that tested more accurately myself), you can do so in the settings. Basic rundown: A single Buy/Sell indicator in the dim colour; may be setting a direction change, or just healthy movement. When the brighter Buy/Sell indicator appears; it often means that a change in direction (uptrend or downtrend) is confirmed. You can see here, there was a (brighter) green indicator which flipped down then up into a (brighter) red sell indicator which set the downtrend. Once you understand the basics of how it works - it can become a very useful tool in your trading arsenal. Typically I will use this and other indicators to confirm likeliness of a direction change prior to the brighter/confirmation one appearing - but just going by the 2nd(brighter) indicators, have found it to be surprisingly accurate. Tends to work well on virtually all timeframes, but personally prefer to use it on 5min,15min,1hr, 4hr, daily, weekly. Will still work for shorter/other timeframes, but may be more accurate on mid ones.
Pine Script™ indicator
by Xeirt
6
CCMA - Count Condition MA (560 Indicators In One) Do you like using moving averages? Why do you think a pair of moving averages on a chart will help you? What is the probability that once two moving averages have crossed, you will successfully enter the trade? So why not use 100+ moving averages at once to increase the probability of a successful trade? And all this can be seen in a single oscillator as a histogram! I want to introduce you to a system that takes into account 560 moving averages movements. And that's just for a second, 560 potential indicators. Specifically: - 22 types of MA (EMA, SMA, RMA and others). - 176 moving averages. - 310 crossover checks. - 252 checks of trend following. The indicator makes the most of the opportunities provided by television. Therefore, it can take a long time to load it. How does it work ? In general, the indicator counts the number of fulfilled conditions. It checks if MA #1 and MA #2 have crossed. If so, it adds +1 to the statistics. It also checks if price is above or below the moving average. There are a total of 560 such checks. (This is about the maximum the TV allowed me). The default is 8 lengths of moving averages, I took the Fibonacci numbers thinking they were the optimal solution. You can take any of your favorites. If the "Ratio MOD" feature is on. Then you can see how many MAs are showing signals to enter a long or short position. You can also see the indication at the bottom as dots. They show which signals are longer/shorter. If the number of signals is the same, the dot will be yellow. The first line of dots counts the number of crossings. The second line counts the number of crossovers + checks whether the price is above or below the average slippage. If the "Differ MOD" function is enabled. Then you can see the difference between long and short signals. With the same indication as in RATIO MOD. If "Show all" is on, then the bar graph shows all 560 accounting options. If it is off, only the number of crossovers is displayed. (This does not apply to the display as points) If the script shows an error, try to change the timeframe and go back. Or add it again. You can also disable the histogram in the stats settings and leave only the points that help in determining the trend.
Pine Script™ indicator
by HALDRO
Regression Channel Trend DetectionThis is a regression channel that uses ichimoku to determine trend. The sensitivity is customizable. The centerline will change color according to the trend detected by ichimoku, and each line can act as support/resistance. The bands of the channel also change colors according to how far price is getting away from them. If you notice in this example, the lower band is turning orange when the price is getting too far away from it, suggesting that it may have risen too fast and too soon. This is still in testing so feel free to comment with any suggestions or fixes.
Pine Script™ indicator
by grafman