INVITE-ONLY SCRIPT
已更新 GBTT Range Wave Indicator
Overview:
This script is a type of mean reversion indicator, it uses a short period EMA, the EMA5 to be exact, as its basis for a mean. From here, we run a modified version of ATR over a longer period of time to find an average range value for price movement. Finally, we calculate the cloud/band/wave by multiplying this range value by our deviation values to produce areas where the price could be considered too far from the mean (similar to an oversold or overbought scenario).
Additionally, we wrote this script with a goal to reduce or eliminate repainting. In the code, we have utilized OPEN values (instead of CLOSE) and previous candle values (not the current candle) to build all the data for the algorithm here to avoid the waves constantly moving and changing their values on real time candles. That said, this is NOT a guarantee that it will never repaint.
What you see:
Visually, the waves are always on the chart. Optionally, we provide a custom standard deviation channel based off the EMA5 (represented with a blue shading) and/or a simple ema5/21 crossover cloud. These can be used for additional confluence if desired, but are not necessary for the core function of the indicator which would be the upper and lower wave.
Intended use:
To provide educational content about the short term movement of an asset. Designed to be run on any time frame.
Disclaimer:
NOT intended to be a sole source of Technical Analysis or anything more than an educational tool!
This script is a type of mean reversion indicator, it uses a short period EMA, the EMA5 to be exact, as its basis for a mean. From here, we run a modified version of ATR over a longer period of time to find an average range value for price movement. Finally, we calculate the cloud/band/wave by multiplying this range value by our deviation values to produce areas where the price could be considered too far from the mean (similar to an oversold or overbought scenario).
Additionally, we wrote this script with a goal to reduce or eliminate repainting. In the code, we have utilized OPEN values (instead of CLOSE) and previous candle values (not the current candle) to build all the data for the algorithm here to avoid the waves constantly moving and changing their values on real time candles. That said, this is NOT a guarantee that it will never repaint.
What you see:
Visually, the waves are always on the chart. Optionally, we provide a custom standard deviation channel based off the EMA5 (represented with a blue shading) and/or a simple ema5/21 crossover cloud. These can be used for additional confluence if desired, but are not necessary for the core function of the indicator which would be the upper and lower wave.
Intended use:
To provide educational content about the short term movement of an asset. Designed to be run on any time frame.
Disclaimer:
NOT intended to be a sole source of Technical Analysis or anything more than an educational tool!
版本注释
Added a second EMA5 deviation tool, shown as the pink lines, to watch for max price ranges against the EMA5 over a larger period of time 版本注释
Replaced the previous ema5 channel and 5/21 crossover options with a better tool, an ema5 channel system. Also setup the display settings so that you can turn each portion off individually. Such as hiding the max line if you dont want to see it, or only see the max line if you only want to see it. 版本注释
Updated comments in script... no functional changes. 仅限邀请脚本
只有经作者批准的用户才能访问此脚本。您需要申请并获得使用权限。该权限通常在付款后授予。如需了解更多详情，请按照以下作者的说明操作，或直接联系GreatBlueTrades。
除非您完全信任其作者并了解脚本的工作原理，否則TradingView不建议您付费或使用脚本。您还可以在我们的社区脚本中找到免费的开源替代方案。
作者的说明
Please DM us here or on Twitter for more information on how to access this script. Thank you! - GBTT
Thank you for viewing our content. More information can be found on our Twitter page below.
免责声明
这些信息和出版物并不意味着也不构成TradingView提供或认可的金融、投资、交易或其它类型的建议或背书。请在使用条款阅读更多信息。
仅限邀请脚本
只有经作者批准的用户才能访问此脚本。您需要申请并获得使用权限。该权限通常在付款后授予。如需了解更多详情，请按照以下作者的说明操作，或直接联系GreatBlueTrades。
除非您完全信任其作者并了解脚本的工作原理，否則TradingView不建议您付费或使用脚本。您还可以在我们的社区脚本中找到免费的开源替代方案。
作者的说明
Please DM us here or on Twitter for more information on how to access this script. Thank you! - GBTT
Thank you for viewing our content. More information can be found on our Twitter page below.
免责声明
这些信息和出版物并不意味着也不构成TradingView提供或认可的金融、投资、交易或其它类型的建议或背书。请在使用条款阅读更多信息。