trading.kay27

Kay_BBands v2

This is the second version of Kay_BBands. But this is infused with ADX .

When +DI (Directional Index) is above -DI , then Upper band will be visible and vice-versa.
This is when the ADX is above the threshold. 20 is the default but can be set to 25.

When the ADX is below the specified threshold, both bands gets visible, showing no trending conditions.

Use it with another band with setting 20/21, 0.6 deviation. Prices keeping above or below the 2nd bands upper or lower bounds shows trending conditions.
Open-source script

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.

Want to use this script on a chart?
//version=2
//2nd version of the band
study(shorttitle="Kay_BBv2", title="Kay_BBands", overlay=true)
length = input(21, minval=1)
hl = input(true, title="Band source as high/low ?", type=bool)
Usrc = hl ? high : close // input(high/Low, title="Upper Src")
Lsrc = hl ? low : close //input(low, title="Lower Src")
mult = input(2.0, minval=0.001, maxval=50)
basis = input(true, title="Use EMA ?", type=bool) ? ema(close, length) : sma(close, length)
//dev = mult * stdev(src, length)
isU = close > basis// and close > basis
//isBetween = (open > basis and close < basis) or (open < basis and close > basis)
isD = close < basis//open < basis and close < basis

upperB = basis + (mult * stdev(Usrc, length))
lowerB = basis - (mult * stdev(Lsrc, length))

upper = isU and highest(Usrc, length) == Usrc ? upperB : upperB < fixnan(upper[1]) ? upperB : fixnan(upper[1])
lower = isD and lowest(Lsrc, length) == Lsrc ? lowerB : lowerB > fixnan(lower[1]) ? lowerB : fixnan(lower[1])

//Adx
adxlen = input(14, title="ADX Smoothing")
dilen = input(14, title="DI Length")
dirmov(len) =>
	up = change(high)
	down = -change(low)
	truerange = rma(tr, len)
	plus = fixnan(100 * rma(up > down and up > 0 ? up : 0, len) / truerange)
	minus = fixnan(100 * rma(down > up and down > 0 ? down : 0, len) / truerange)
	[plus, minus]

adx(dilen, adxlen) => 
	[plus, minus] = dirmov(dilen)
	sum = plus + minus
	adx = 100 * rma(abs(plus - minus) / (sum == 0 ? 1 : sum), adxlen)

[plus1, minus1] = dirmov(dilen)
sig = adx(dilen, adxlen)
level = input(20, title="ADX level", minval = 1)

plot(basis, color=sig > level ? red : blue, title="BB Basis")
p1 = plot(upper, color=black, title="BB Upper modified", transp=0)
p2 = plot(lower, color=black, title="BB Lower modified", transp=0)
fill(p1, p2, color=blue, transp=90, title="Modified")

p3 = plot(upperB, color=sig > 20 ? (plus1 > minus1 ? green : na) : blue, title="BB Upper", transp=0)
p4 = plot(lowerB, color=sig > 20 ? (plus1 < minus1 ? green : na) : blue, title="BB Lower", transp=0)
fill(p3, p4, color=blue, transp=95, title="Background")