Keltner Channel with auto highlighting of Bear/Bull reversals — Indicator by LazyBear

*** New version @

Keltner Channel v2 - Auto highlighting of Bull/Bear trends

****

All options configurable.

Reversals are marked using crosses. as well as highlighted using green/red color (depending on bull/bear). Enjoy!

List of my free indicators: bit.ly/1LQaPK8
List of my indicators at Appstore: blog.tradingview.com/?p=970

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.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Want to use this script on a chart?

// @author LazyBear
// @credits Formula taken from http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:keltner_channels
//
study(title="Keltner Channel [LazyBear]", overlay=true)
offset = 1
lengthMiddle = input(20,  title="MiddleEMA")
channelATR = input(10, title="Channel wall ATR")
channelWidth = input(2, title = "Channel Width")
showBarColor = input(true, title="Highlight Bear/Bull reversals?", type=bool)

emaVal = ema(close,lengthMiddle)
upperVal = emaVal + channelWidth * atr(channelATR)
lowerVal = emaVal - channelWidth * atr(channelATR)

middle_line = plot(emaVal, style=circles, linewidth=2)
upper_line = plot(upperVal)
lower_line = plot(lowerVal)
fill(upper_line, lower_line, color=green, transp=80)

bearish_reversal = high > upperVal 
bear_point = bearish_reversal ? (high+offset) : na
bear_color = bearish_reversal ? red : na

bullish_reversal = low < lowerVal
bull_point = bullish_reversal ? (low-offset) : na
bull_color = bullish_reversal ? green : na

bar_color = bearish_reversal ? bear_color : (bullish_reversal ? bull_color : na)

plot(bear_point, color = bear_color, style=cross, linewidth=2)
plot(bull_point, color = bull_color, style=cross, linewidth=2)

bgcolor(showBarColor ? bar_color : na)