Riles' Rotation

This indicator is built off of the 1 hour time frame. I used the ZigZag indicator to get 500 data points on BTC since last april, ruling out <2% deviations in price. Taking those percentages, I ran them through an excel sheet and found which deviations were the most common. An up/down relationship I will call a rotation, there are 250 rotations derived from the 500 points of data. Thus, this indicator is based off of a 250 EMA. Each band is a common deviation on the 1 hour time frame, as indicated by an excel generated histogram. The common deviations also appear relevant on the daily timeframe for BTC. This demonstrates potential support and resistance, as well as potential mean reversion. Do not take trades blindly based off of it. It merely shows potential support and resistance based off of historical percentage deviations from the 250 EMA.

Release Notes

Changed the bottom and top channels, as well as altered the U2,3 and L2,3 to be crosses rather than lines. It makes the info a little easier to read imo

Open-source script

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Boppsy

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Open-source script

Boppsy