High-Low Difference Channels - SMA/EMA
I wrote this up as a potential replacement for my BB based strategies, and so far it's looking pretty nice.
Description / Usage:
Description / Usage:
- Adjust length and multiplier much the same way you would expect with Bollinger Bands.
- Multiplier of 1 gives you a base channel consisting of one high, and one low sourced SMA (or EMA)
- The outer channels are increments of the base channels width, away from the median hl2 sourced SMA (..or EMA)
הערה:
New revision here, with more MA options than you can shake a stick at:
הערה:
Final revision done.
Added (optional) select-able fixed resolutions, so you can have 1 hour bands on your 1 minute chart if you do so feel inclined.
Otherwise just some minor code cleaning and proper commenting:
Added (optional) select-able fixed resolutions, so you can have 1 hour bands on your 1 minute chart if you do so feel inclined.
Otherwise just some minor code cleaning and proper commenting:
![High-Low MA Difference Channels [Final]](https://s3.tradingview.com/o/O5QQTsUK_big.png)
//@version=2
study(title="High-Low Difference Channels - SMA/EMA", shorttitle="HLDC", overlay=true)
// Revision: 1
// Author: JayRogers
// Reasoning: I wrote this up as a potential replacement for my BB based strategies, and so far it's
// looking pretty nifty.
//
// Description / Usage:
//
// - Adjust length and multiplier much the same way you would expect with Bollinger Bands.
// - multiplier of 1 gives you a base channel consisting of one high, and one low sourced SMA (or EMA)
// - The outer channels are increments of the base channels width, away from the median hl2 sourced SMA (..or EMA)
hlc_length = input(50, title="Channel Length", minval=1)
hlc_diffMult = input(1.5, title="Difference Multiplier", minval=0.1, maxval=50)
hlc_useEMA = input(false, title="Use EMA instead of SMA?")
hl2_line = hlc_useEMA ? ema(hl2, hlc_length) : sma(hl2, hlc_length)
high_line = hlc_useEMA ? ema(high, hlc_length) : sma(high, hlc_length)
low_line = hlc_useEMA ? ema(low, hlc_length) : sma(low, hlc_length)
diffMult(num) =>
hldm = (high_line - low_line) * hlc_diffMult
r = hldm * num
midline = plot(hl2_line, title="Midline", color=silver, transp=0)
highLine = plot(hl2_line + (diffMult(1) / 2), title="Center Channel Upper", color=silver, transp=100)
lowLine = plot(hl2_line - (diffMult(1) / 2), title="Center Channel Lower", color=silver, transp=100)
diffUp1 = plot(hl2_line + diffMult(1), title="High Diff 1", color=silver, transp=0)
diffUp2 = plot(hl2_line + diffMult(2), title="High Diff 2", color=silver, transp=0)
diffUp3 = plot(hl2_line + diffMult(3), title="High Diff 3", color=silver, transp=0)
diffDown1 = plot(hl2_line - diffMult(1), title="Low Diff 1", color=silver, transp=0)
diffDown2 = plot(hl2_line - diffMult(2), title="Low Diff 2", color=silver, transp=0)
diffDown3 = plot(hl2_line - diffMult(3), title="Low Diff 3", color=silver, transp=0)
fill(highLine, lowLine, title="Center High-Low Fill", color=silver, transp=50)