It also can be used as a trend indicator and trend confirmation indicator. The upper and lower bands are green if it is an up trend, and red if a down trend. If both have the same color it is a stronger trend.
- dynamically colorized center line
- dynamically colorized background: it will be green if all lines are green, red if all lines are red and gray otherwise
- cleaned and commented code
- Added ALMA (ARNAUD LEGOUX MOVING AVERAGE) to selectable moving average types
- It measures the width of the channel and print it with blue color
- Use function for MA selection
- Different MAs for base line and range (ATR)
- Added lagging moving averages for reference (SMA, EMA, RMA)
- It can remove outliers by using stdev for True Range, the same idea as in my other indicator: "ATR Without Outliers" (ATRWO)
- Fixed plotting channel width into data window only (TradingView removed the original method I used)
- Added ATR into data window
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.