This is Bollinger Band built on top of Zigzags instead of regular price + something more.
Indicator presents 7 lines and cloud around it. This can be used to visualize how low or high price is with respect to its past movement.
Middle line is moving average of last N zigzag pivots
Lines adjacent to moving average are also moving averages. But, they are made of only pivot highs and pivot lows. Means, line above moving average is pivot high moving average and line below moving average is pivot low moving average.
Lines after pivot high/low moving averages are upper and lower bolllinger bands based on Moving Average Line with 2 standard deviation difference.
Outermost lines are bollinger band top of Moving average pivot high and bollinger band bottom of moving average pivot low.
Thanks sir, it's really helping us to think in new dimension.
Pls make one indicator for trendline, waiting eagerly🙏
Trendoscope
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@FinTechKing, Thanks mate. Well, I have not explored trend lines yet. While it can be done, there are many scripts openly available as well. Definitely, it is something to try in the future :)
carnagecain
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Really useful tool! Thanks for building and sharing, very appreciated!
Trendoscope
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@carnagecain, Thanks very much for your support :)
PineCoders
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