Just fooling around, this indicator plots a line chart and a lagging price line, with customizable values, and Bollinger bands around a Kijun sen style moving average.
Lagging line is useful to confirm lack of momentum when breaching through the line or bands, to confirm extremes and a countertrend reaction, or lack thereof.
Have fun!
Lagging line is useful to confirm lack of momentum when breaching through the line or bands, to confirm extremes and a countertrend reaction, or lack thereof.
Have fun!
study(title = "Kijun sen on Bollinger Bands", shorttitle="Kijun+BB") middleDonchian(Length) => lower = lowest(Length) upper = highest(Length) avg(upper, lower) basePeriods = input(26, minval=1) displacement = input(26, minval=1) Kijun = middleDonchian(basePeriods) xChikou = close xPrice = close plot(Kijun, color=blue, title="Kijun") plot(xChikou, color= teal , title="Chikou", offset = -displacement) plot(xPrice, color= yellow , title="Price") BB_length = input(24, minval=1, maxval=50) BB_stdDev = input(2, minval=2.0, maxval=3) bb_s = Kijun basis = sma(bb_s, BB_length) dev = BB_stdDev * stdev(bb_s, BB_length) upper = basis + dev lower = basis - dev plot(basis, color=red) p1 = plot(upper, color=blue) p2 = plot(lower, color=blue) fill(p1,p2, blue)