Kay_BBands v2
This is the second version of Kay_BBands. But this is infused with ADX.
When +DI (Directional Index) is above -DI, then Upper band will be visible and vice-versa.
This is when the ADX is above the threshold. 20 is the default but can be set to 25.
When the ADX is below the specified threshold, both bands gets visible, showing no trending conditions.
Use it with another band with setting 20/21, 0.6 deviation. Prices keeping above or below the 2nd bands upper or lower bounds shows trending conditions.
When +DI (Directional Index) is above -DI, then Upper band will be visible and vice-versa.
This is when the ADX is above the threshold. 20 is the default but can be set to 25.
When the ADX is below the specified threshold, both bands gets visible, showing no trending conditions.
Use it with another band with setting 20/21, 0.6 deviation. Prices keeping above or below the 2nd bands upper or lower bounds shows trending conditions.
//version=2 //2nd version of the band study(shorttitle="Kay_BBv2", title="Kay_BBands", overlay=true) length = input(21, minval=1) hl = input(true, title="Band source as high/low ?", type=bool) Usrc = hl ? high : close // input(high/Low, title="Upper Src") Lsrc = hl ? low : close //input(low, title="Lower Src") mult = input(2.0, minval=0.001, maxval=50) basis = input(true, title="Use EMA ?", type=bool) ? ema(close, length) : sma(close, length) //dev = mult * stdev(src, length) isU = close > basis// and close > basis //isBetween = (open > basis and close < basis) or (open < basis and close > basis) isD = close < basis//open < basis and close < basis upperB = basis + (mult * stdev(Usrc, length)) lowerB = basis - (mult * stdev(Lsrc, length)) upper = isU and highest(Usrc, length) == Usrc ? upperB : upperB < fixnan(upper[1]) ? upperB : fixnan(upper[1]) lower = isD and lowest(Lsrc, length) == Lsrc ? lowerB : lowerB > fixnan(lower[1]) ? lowerB : fixnan(lower[1]) //Adx adxlen = input(14, title="ADX Smoothing") dilen = input(14, title="DI Length") dirmov(len) => up = change(high) down = -change(low) truerange = rma(tr, len) plus = fixnan(100 * rma(up > down and up > 0 ? up : 0, len) / truerange) minus = fixnan(100 * rma(down > up and down > 0 ? down : 0, len) / truerange) [plus, minus] adx(dilen, adxlen) => [plus, minus] = dirmov(dilen) sum = plus + minus adx = 100 * rma(abs(plus - minus) / (sum == 0 ? 1 : sum), adxlen) [plus1, minus1] = dirmov(dilen) sig = adx(dilen, adxlen) level = input(20, title="ADX level", minval = 1) plot(basis, color=sig > level ? red : blue, title="BB Basis") p1 = plot(upper, color=black, title="BB Upper modified", transp=0) p2 = plot(lower, color=black, title="BB Lower modified", transp=0) fill(p1, p2, color=blue, transp=90, title="Modified") p3 = plot(upperB, color=sig > 20 ? (plus1 > minus1 ? green : na) : blue, title="BB Upper", transp=0) p4 = plot(lowerB, color=sig > 20 ? (plus1 < minus1 ? green : na) : blue, title="BB Lower", transp=0) fill(p3, p4, color=blue, transp=95, title="Background")