Volatility Channel Index [m59]

Description and documentation can be found within the script.
Release Notes:
  • ATR Length option is now listed first before CCI Length, because I am obsessive and the default values "14, 21" sound better than "21, 14".
  • There's a new fancy gradient color option, inspired by michl/micse.
Release Notes:
  • Fixed the Await Confirmation option I broke in the previous update.
  • Cleaned up some code (not that this matters to anyone else).
Release Notes:
  • There's now a secondary channel so you can have a short term and long term view of volatility. If you don't want the secondary channel, click off the two lines and fill in the Style tab that say stuff about "Secondary".
Release Notes:
  • There are now 3 channels, the primary channel, a shorter-term channel at the top, and a longer-term channel at the bottom. You could change the values to whatever terms you like, or go to the style tab and turn them off. I like the primary and longer term the best, but sometimes the shorter term channel can be helpful as well, especially when you have reasons to be more aggressive with your timing. For example, if you need to act sooner rather than later, you might look to the shorter term channel for extremely low volatility, which can be reasonably safe if the main channel is calming down as well.
  • The little squares showing high/low volatility of individual candles are replaced by the short term channel, as it is practically quite similar, but better.
  • All channels use the color smoothing gradient by default now. I decided it's best to be more subjective when looking at volatility, as long as you have the discipline to avoid blatant high volatility (orange is bad!). Smoother colors allow for more discretion. If you are prone to fomo/fud and end up trading in high volatility times and get burned by price swings, you may want to turn off the smoothing and stick to a hard rule about only acting in "dark blue" extremely low volatility, using the channel and settings that work well in your backtests.
  • I reduced the longer term channel settings from 84, 120 to 70, 100. The results are similar, but I found this to encourage acting a little sooner in some cases where it has been beneficial but without encouraging acting too soon in times where it is dangerous. However, keep in mind that these settings may work well for the charts I trade on, but could be troublesome for other charts. Backtest on your charts and find what works!
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