Directional Movement Bands [DW]

This is a simple experimental study designed to outline trend activity and volatility.
In this study, the amount of change between current source and source of a specified lookback is calculated, then added to and subtracted from current source.
Next an exponential moving average is taken of the values for smoothing over the specified period.
Lastly, a midline is generated by taking the median of both bands.

Release Notes

Updates:
Expanded the available moving average types. Now, instead of only an exponential moving average, the available moving averages now in this script are:
-Exponential Moving Average
-Simple Moving Average
-Smoothed Moving Average
-Weighted Moving Average
-Volume Weighted Moving Average
-Least Squares Moving Average
-Arnaud Legoux Moving Average
-Hull Moving Average
-Coefficient of Variation Weighted Moving Average
-Fractal Adaptive Moving Average
-Kaufman's Adaptive Moving Average

Added a set of half range bands for a more in depth picture of volatility.

Added a custom color scheme to the midline and bars, which highlights coherent and divergent waves.

Open-source script

In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.

DonovanWall

For my full list of premium tools, check the blog:
wallanalytics.com/

Reach out on Telegram:
t.me/DonovanWall

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Open-source script

DonovanWall

For my full list of premium tools, check the blog:
wallanalytics.com/

Reach out on Telegram:
t.me/DonovanWall

Also on: