Indicator presents 7 lines and cloud around it. This can be used to visualize how low or high price is with respect to its past movement.
- Middle line is moving average of last N
- Lines adjacent to moving average are also moving averages. But, they are made of only highs and lows. Means, line above moving average is pivot high moving average and line below moving average is pivot low moving average.
- Lines after high/low moving averages are upper and lower bolllinger bands based on Moving Average Line with 2 standard deviation difference.
- Outermost lines are bollinger band top of Moving average high and bollinger band bottom of moving average low.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.
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