Multiband Oscillator - Zigzag version

Just variation of Multi Band oscillator present here: Multi-Band-Channel-Oversold-Overbought-Oscillator

Changes are:

Rest of the logic remains same.

  • Number of bands used 100 - which means, calculate 100 Bollinger bands with Std Dev Multiplier starting from 0.1 and with step 0.1 for the next one.
  • Which divides price ranges into 200 equal parts. Calculate what is the current range and plot them.
  • Overbought - Oversold levels are dynamics. They are dependent on the max and min state price has reached in last 80 days. Offset and factor can be used to adjust overbought oversold levels.
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.

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