VolBands

This indicator defines a short-term and a long-term trend level as well as a short-term range. These price levels can be used for risk managing your position, increasing or decreasing size depending on position in the range and distance from the long-term trend level, as well as stopping out or reversing position when the long-term trend level is crossed.

Levels are based on the Trend Magic indicator and the range is proportional to the Yang-Zhang realized volatility .

Versionsinformation:

Use only closing price above or below level to determine trade/trend direction color

Versionsinformation:

An option was added to show daily ranges and levels on all timeframes. The default keeps the original behavior.