informanerd

Overbought/Oversold Bands

informanerd Uppdaterad   
The basis of this script is my "Hybrid Overbought/Oversold Detector" which uses many different oscillators to confirm overbought/oversold conditions. The main idea is to generate higher and lower bands around the desired moving average using an average of the volatility (ATR) and the standard deviation (StDev), of course by interfering detected overbought/oversold condition.
Simply put, the more the asset become overvalued/undervalued, the tighter the channel would be and every breakout of the bands announces a return back into the channel in near future.

By default, the multiplier of the standard deviation in the indicator settings is set to 2 which means only less than 5% of price actions would appear outside the bands. Also the default multiplier of the ATR is set to 3 which leads to some similar result, but to achieve more strict results setting StDev multiplier to 3 and ATR multiplier to 4 would be useful.

The type of the central moving average could be picked up from 6 different types which are:
- SMA (Simple Moving Average)
- EMA (Exponential Moving Average)
- HMA (Hull Moving Average)
- LSMA (Least Squares Moving Average)
- TMA (Triangular Moving Average)
- MAEMA (My Personalized Momentum Adjusted EMA)

The latter one leads to a useful combination of the channel with the momentum.
Also the script has multi-timeframe features and the user could apply calculations from other time frames to the current chart.

Hope the idea would be helpful!
Versionsinformation:
- Added an option to change MA line width
- Added an option to colorize the MA based on detected trend
Versionsinformation:
- Restructured the code & increased overall performance
- Converted to Pine v5
- Made indicator settings more user-friendly
- Made OB/OS calculation better
- Fixed some MTF calculation bugs
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