OPEN-SOURCE SCRIPT

Price Action

This Pine Script code creates an indicator that plots price channels for volatility analysis:

The main parameter is the period length (default is 30), used to calculate volatility with ATR (Average True Range). Data retrieval: The indicator takes the closing price and uses it for calculations. Channel calculation: Based on volatility, three levels of channels are created: the first is the base channel, while the second and third are expanded by 8% and 16%.

First-level channels: The upper and lower boundaries of the channel are calculated based on volatility. This uses the previous bar's closing price, adjusted by a volatility coefficient.

Second and third-level channels: These channels expand by 8% and 16%, respectively, from the base channel. This creates zones that can indicate increasing or decreasing market volatility.

Each channel uses different colors and transparency levels:

  • The upper and lower boundaries of the first channel have solid colors.
  • The second channel boundaries are more transparent to denote extended levels.
  • The third channel boundaries are also transparent, indicating the widest range of deviation.
  • Visualization: Channels are displayed with different colors and transparency levels to illustrate price ranges and volatility changes.


Purpose: The indicator helps traders visualize price ranges and assess market volatility, which is useful for making trading decisions.

Practical application: This indicator assists traders in evaluating market volatility and building trading strategies based on price ranges. The extended channels can be used to identify potential reversal or trend continuation zones.
Bands and Channels

开源脚本

本着真正的TradingView精神,此脚本的作者已将其开源,以便交易者可以理解和验证它。向作者致敬!您可以免费使用它,但在出版物中重复使用此代码受网站规则约束。 您可以收藏它以在图表上使用。

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