LazyBear

Indicator: STARC Bands

STARC (Stoller Average Range Channels) bands make use of ATR to form the bands, giving it a more in-depth snapshot of market volatility compared to Bollinger Bands.

When a price curve penetrates a Bollinger Band, it may indicate the continuation of a price move; in contrast, the STARC bands tend to define upper and lower limits for normal price action.



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

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Want to use this script on a chart?
// 
// @author LazyBear
//
// If you use modify / use this code, appreciate if you could drop me a note. 
//
study(title = "STARC Bands [LazyBear]", shorttitle="StarcBands_LB", overlay=true)
src = close
length=input(15)
tr_custom() => 
    x1=high-low
    x2=abs(high-close[1])
    x3=abs(low-close[1])
    max(x1, max(x2,x3))
    
atr_custom(x,y) => 
    sma(x,y)
    
tr_v = tr_custom()
basis=sma(src, 6)
acustom=(2*atr_custom(tr_v, length))
ul=basis+acustom
ll=basis-acustom
m=plot(basis, linewidth=2, color=navy, style=circles, linewidth=2, title="Median")
l=plot(ul, color=red, linewidth=2, title="Starc+")
t=plot(ll, color=green, linewidth=2, title="Star-")
fill(t,l, silver, title="Region fill")