- Instead of regular moving average, here I am using Moving average. This is calculated in similar to as explained in: Zigzag-Cloud
- Instead of ATR, using AZR (Average Range) - Average-Zigzag-Range-AZR
Rest of the logic remains same.
- Number of bands used 100 - which means, calculate 100 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.
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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