vdubong updated — Indicator by vdubus

bollingerbands bands bb relativestrengthindex parallelchannel vdubus vdubong ricardosantos binary

Most the credit for this update has to go to RicardoSantos and his awesome RSIChannel + some fixes to my own which I embedded to my my own script.. I've also embedded the additional Bollinger band 50/2. What can I say it's becoming a thing of beauty :).
RicardoSantos's RSIChannel indicator is also included separately (hidden) should you chose to 'Make it mine'

Made a couple of changes to the script

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?

//Script editor vdubus
//vdubong 20 (set variables as required Upper & Lower)
study(title="vdubong", shorttitle="vdubong", overlay=true)

length1 = input(20, minval=1, title="Upper Channel")
length2 = input(20, minval=1, title="Lower Channel")

upper = highest(length1)
lower = lowest(length2)
basis = avg(upper, lower)

l = plot(lower, style=line, linewidth=2, color=fuchsia, title="lower")
u = plot(upper, style=line, linewidth=2, color=fuchsia, title="upper")

//-----------------Built in MA50-----------------------------------------
m1_src = close
m1_p = input(50, title="MA1 Period:")

plot(sma(m1_src, m1_p), color=red, linewidth=2, title="MA1")

//-----------------Built in BB20-------------------------------------------
bb1_src = close
bb1_l = input(20, minval=1), bb1_mult = input(1.5, minval=0.001, maxval=400)
bb1_dev = bb1_mult * stdev(bb1_src, bb1_l)
bb1_upper = basis + bb1_dev
bb1_lower = basis - bb1_dev
bb1_p1 = plot(bb1_upper, color=blue)
bb1_p2 = plot(bb1_lower, color=blue)
fill(bb1_p1, bb1_p2, transp=80)
//-----------------Built in BB50 -----------------------------------------
bb2_src = close
bb2_l = input(50, minval=1), bb2_mult = input(1.5, minval=0.001, maxval=400)
bb2_dev = bb2_mult * stdev(bb2_src, bb2_l)
bb2_upper = basis + bb2_dev
bb2_lower = basis - bb2_dev
bb2_p1 = plot(bb2_upper, color=blue)
bb2_p2 = plot(bb2_lower, color=blue)
fill(bb2_p1, bb2_p2, transp=90)

// PivotsHL ???--------------------------------------------------------------
//------------------------------------------------------------------------

//------------------------------------------------------------
// @author RicardoSantos
// RSI inspired oscilator bands channels.
// Can be interpreted as a RSI oscilator but at price level.
lenght = input(3)
margin = input(4)

tf = margin
mp = (0.0001 * close) * margin

ph = avg(high, high[tf])
ph2 = wma((ph+mp)+(high-hl2), lenght*3)
pl = avg(low, low[tf])
pl2 = wma((pl-mp)-(low-hl2), lenght*3)

ma1 = alma((
    close >= ph[1] ? high + high - ph + mp :
    close <= pl[1] ? low - low + pl - mp :
    hlc3), lenght, 0.55, 6)

pu = plot(ph2, style=cross, color=silver, linewidth=0)
pd = plot(pl2,style=cross, color=silver, linewidth=0)
pc = plot(ma1, style=line, color=silver, linewidth=1)

fill(pu,pc, color=red, transp=80)
fill(pd,pc, color=green, transp=80)
//-----------------------END------------------------------