Ehlers Fractal Adaptive Moving Average with Bands [Bitcoinduke]

FRAMA – What is it?

Fractal Adaptive Moving Average Technical Indicator ( FRAMA ) was developed by John Ehlers, code was implemented by TradingView user Shizaru. I've updated it to Pine Script 4 and added Bands Extension.
This indicator is constructed based on the algorithm of the Exponential Moving Average , in which the smoothing factor is calculated based on the current fractal dimension of the price series.

Advantages:

• possibility to follow strong trend movements
  
• determine moments of price consolidation ( FRAMA sufficiently slow down at these moments)
  

FRAMA + Bands

The FRAMA serves as a base for the Upper and Lower Bands which are used as a way to measure volatility by observing the relationship between the Bands and price. Typically the Upper and Lower Bands are set to two standard deviations away from the FRAMA ; however it should be adjusted depending on the task.