JustUncleL

Price Action Channel Master by JustUncleL

This indicator combines a number of PAC types into one indicator and will replace some of my previously PAC scripts (some were not published).
It draws a Moving Average (MA) channel based on various boundary criteria. Even though the MA choices are not limited to SMA and EMA , these would be the your first choices with most PAC requirements, feel free to experiment though.
Optional Bar colouring around that channel.


Options Available:

(1) Select between 11 different types of moving averages for the base (centre) MA line choices are :

(2) Select Channel Boundary Criteria:
  • HILO = Channel boundaries based on High and Low MAs (default).
  • ATR = Channel boundaries are Multiplier * ATR distance from base line
  • PIP = Channel boundaries are Multiplier * PIPs distance from base line
  • STDEV = Channel boundaries are Multiplier * StdDev(price) distance from base line (this is the same as Bollinger bands if SMA is the base MA)
  • KC = Channel boundaries are Multiplier * StdDev(True Range) distance from base line (this is the same as Keltner channel if SMA is the base MA)

(3) Option to display coloured Candles around the Ribbon, the colouring uses the Default candle 3-tone colour scheme:
  • Lime = candle closed above Ribbon.
  • Red = candle closed below Ribbon.
  • Gray = Candle Closed inside Ribbon.
The Grab candles 6-tone colour scheme:
  • Lime = Bull candle closed above Ribbon.
  • Green = Bear candle closed above Ribbon.
  • Red = Bull candle closed below Ribbon.
  • DarkRed = Bear candle closed below Ribbon.
  • Aqua = Bull candle closed inside Ribbon.
  • Blue = Bear candle closed inside Ribbon.
Release Notes: Corrected Error for KC lower boundary, thanks to sal157011
Corrected Date of script released.
Release Notes: By request, optional second channel added.
Release Notes: ... Minor improvements.
  • Updated inputs to use selectable options.
  • Added implied GPL copyright notice.
  • Added SWMA and Laguerre types to moving average options.
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JustUncleL
The coolest thing about JustuncleL indicators is the versatility. You can test so many ideas off of one code. It's awesome!! <3
Svara
Great job and thank you for the free code.
I found an error on line 192:
Lwr = type=="ATR"? atrLower(C,M,L) : type=="STDEV"? stdLower(C,M,L) : type=="PIP"? pipLower(C,M,L) : type=="KC"? kcUpper(C,M,L) : hiloLower(C,M,L)
instead of kcUpper(C,M,L) should be kcLower(C,M,L).

Now, could you made some modifications in order to plot two of any of those channels on the same indicator. That would be superb, as I'm not a pro and can only have three indicators on the chart.
Thank you.
Svara
JustUncleL sal157011
@sal157011, Thank you for finding that error, I shall make an update to correct. it.
+1 Svara
gatarayihajp JustUncleL
@JustUncleL,
Thanks a lot. Your indicator is so useful. You're a good man.
Svara
JustUncleL sal157011
@sal157011, I will look into adding an optional second channel specification within the same script, so that two channels can be displayed by the same script.
Svara
sal157011 JustUncleL
@JustUncleL, Thank you. Here is the squeeze:
Svara
JustUncleL sal157011
@sal157011, Your welcome, thank you for the idea. The two channels makes the script more versatile.
Svara
Where C, M, and L on the PAC channel boundaries are coming from, or what those variables stand for? Thanks.
Svara
JustUncleL syracusepro
@syracusepro, They come from the function call at line 201, they stand for Centre (or base MA), Multiplier and Length.
Svara
syracusepro JustUncleL
@JustUncleL, Thanks a lot.
Svara
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