HVB is a standard deviation measure for Historical Volatility Percentile, It helps you figure out the next level of Support and Resistances
> If the HVB width is narrow, its an indication for a Trending market day > Price crossing the highest green band line symbolises a nice upmove > Price crossing the lowest red band line symbolises a nice downmove > Green and Red lines are levels of Support and Resistances with respect to Historical Volatility
Credits Historical Volatility Percentile calculation part : @cheatcountry
@TradeBuddy2019, You may find it not working for securities whole value is <1
TradeBuddy2019
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@Ankit_1618,
ok i see it now...
but question what is the annual length setting for and why is it set to 252 default
Ankit_1618
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@TradeBuddy2019, 252 is approx number of working days in a year, thats why it is set, its used in equation of historical volatility
TradeBuddy2019
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@Ankit_1618,
is it possible to make this work on the 1min TF also???
Ankit_1618
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@TradeBuddy2019, This model will work only for 5 min timeframe, on or under 1 min level you will need to account for rate of change in volatility for deduction of level, which is not the case in this script, this one is optimum for usage in 5 min TF,