OPEN-SOURCE SCRIPT
Kelbol Bands @shrilss
The Kelbol Bands are designed to provide traders with insights into price volatility and potential trend reversal points. By combining Bollinger Bands (BB) and Keltner Channels (KC), this indicator offers a versatile approach to analyzing market dynamics.
Key Features:
- Customizable Parameters: The indicator allows traders to adjust parameters such as BB Length, BB Multiplier, KC Length, KC Multiplier, and ATR Length to suit their trading preferences and strategies.
- Timeframe Flexibility: Traders can select different timeframes for calculating Bollinger Bands and Keltner Channels independently, enhancing adaptability to various market conditions.
- Visual Representation: The indicator plots Upper, Basis (Midline), and Lower Kelbol Bands, as well as Upper, Basis, and Lower Keltner Channels and Bollinger Bands separately. This visual representation aids traders in identifying potential support and resistance levels, as well as trend direction.
- Toggle Display: Users have the option to toggle the visibility of each component individually, providing flexibility in focusing on specific aspects of price action.
Calculation Method:
- Bollinger Bands (BB) are calculated based on the selected BB Length and BB Multiplier. The upper and lower bands are derived from the simple moving average (SMA) of the price and the standard deviation of the price series.
- Keltner Channels (KC) are determined using the selected KC Length, KC Multiplier, and ATR Length. The basis (midline) of the channel is derived from the SMA of the price, while the upper and lower channels are calculated based on the average true range (ATR).
- Kelbol Bands (KBL) are a combination of Bollinger Bands and Keltner Channels. The upper, basis, and lower bands of KBL are calculated as the averages of the corresponding values of Bollinger Bands and Keltner Channels.
Key Features:
- Customizable Parameters: The indicator allows traders to adjust parameters such as BB Length, BB Multiplier, KC Length, KC Multiplier, and ATR Length to suit their trading preferences and strategies.
- Timeframe Flexibility: Traders can select different timeframes for calculating Bollinger Bands and Keltner Channels independently, enhancing adaptability to various market conditions.
- Visual Representation: The indicator plots Upper, Basis (Midline), and Lower Kelbol Bands, as well as Upper, Basis, and Lower Keltner Channels and Bollinger Bands separately. This visual representation aids traders in identifying potential support and resistance levels, as well as trend direction.
- Toggle Display: Users have the option to toggle the visibility of each component individually, providing flexibility in focusing on specific aspects of price action.
Calculation Method:
- Bollinger Bands (BB) are calculated based on the selected BB Length and BB Multiplier. The upper and lower bands are derived from the simple moving average (SMA) of the price and the standard deviation of the price series.
- Keltner Channels (KC) are determined using the selected KC Length, KC Multiplier, and ATR Length. The basis (midline) of the channel is derived from the SMA of the price, while the upper and lower channels are calculated based on the average true range (ATR).
- Kelbol Bands (KBL) are a combination of Bollinger Bands and Keltner Channels. The upper, basis, and lower bands of KBL are calculated as the averages of the corresponding values of Bollinger Bands and Keltner Channels.
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 publication is governed by House rules. You can favorite it to use it on a chart.
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