This is my first public release of an indicator, free for all to use. There will be a multitude of indicators significantly more complex in the future, still under testing. It's simple purpose is to track highest high in red and lowest low in lime over a specified period of 5 preceding bars by default. The upper and lower banding have independent adjustable period settings. The banding line widths are also adjustable. A smoothable mean line is displayed in olive color and may be disabled by altering the line width to zero. I also included a yellow close line capability disabled by default by it's line width. I presume most people use candles but an occasional few may wish to see a close line plot too. Please provide any feedback/requests as you wish.
Release Notes
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Added dark background color that is disable capable to improve color vibrancy
Subtle color adjustments for clarity
Refactored
"close" line disabled by default
Moved to Donchian Channels category from Trend Analysis
@everget, Yep, I'm always around. I'm holding out for Pine Script 4.0 release until I publish more. I expect this to be a major revision, specifically regarding variable usage and type declarations, along with other feature add-ons. I have so many ideas that currently are impossible with Pine Script 3.0. Have you used this indicator and did I miss anything you might wish to add? I am most interested in peoples opinion and critical analysis.
everget
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@midtownsk8rguy, you can make it adaptive without a manual specification of the periods
ImmortalFreedom
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@everget, Are you referring to functionality similar to the Adaptive Donchian Channel by JacobAmos?
everget
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@midtownsk8rguy, yeap. a kind of.
ImmortalFreedom
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@everget, I didn't find it very adaptive, and it has a tendency to hang at a 12 bar period. It's similar to my implementation, now that you have referred it to me, seeing it. My next version, I would like to add buy/sell points later when the bands diverge from the pivot points similar to the Zig Zag indicator functionality. That may be dependent on PS v4.0 though. Also, super smoothing the mean line and/or Ehlerizing with the leading indicator applied to it, will my next experiment and possible revision to this. I have been tossing the logic around in my head for some time. I'm just publishing a first basic indicator to see how the publication system works on here, especially in regards to revisioning. If anyone has recommendations in regards to functionality or color scheming, I will consider changing that to a more beneficial expectation. The more detailed explanations or off site code/image references, the better...
everget
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@midtownsk8rguy, you can add alerts for a specific percentage rebound from the borders. By "adaptive" I meant a such technique like applying Ehlers Dominant Cycle Period for the bands periods.
ImmortalFreedom
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@everget, I spent a lot time building Cycle Period and Cyber Cycle functions but I wasn't to thrilled about it after the time I had tinkered with it's characteristics. I haven't had the oppurtunity to code Adaptive RVI yet, and I'm favorable about giving that a try in a future implementation. Finding that on tradingview from anyone has yielded zero results for me. Advanced Adaptive Indicators Theory and Implementation in MQL5 from mql5.com is a very interesting read.
everget
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@midtownsk8rguy, yes I read it. After Ehlers' books.