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Aug 18, 2021 1:21 PM

Multiband Oscillator - Zigzag version 

DJ:DJI
Dow Jones Industrial Average IndexDJ

描述

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

Changes are:
  • Instead of regular moving average, here I am using Zigzag Moving average. This is calculated in similar to as explained in: Zigzag-Cloud
  • Instead of ATR, using AZR (Average Zigzag Range) - Average-Zigzag-Range-AZR


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.

Bollinger Bands (BB)Zig Zag IndicatorKeltner Channels (KC)overbought-oversold
评论
SlikRain
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I can tell you I have checked all the similar scripts... this is amazing ... great job
eliyoung7979
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wow... this is unbelievable!!... well done.. Great job
hughlxj
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Hi! Great work! Thank you for sharing!
TMK2
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Hi, @HeWhoMustNotBeNamed.

Great script. Just one question -would it be feasible to add a baseline that would be as dynamic as the top and bottom Keltner Channels? If so, would you be able to add it to the script?

Looking forward to hearing your thoughts on this.
Trendoscope
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@TMK2, You can just pass rsi value to kc to derive the bands.

Something like

rsi = rsi(close, 14) middle, upper, lower = ta.kc(rsi, 5, 4) plot(middle, color=color.yellow) plot(upper, color=color.yellow) plot(lower, color=color.yellow)


Will not add it to this script. You can try it on your own.

you need to add brackets to middle, upper, lower definition [middle, upper, lower] -for some reason, adding it in pine block is not showing anything.
TMK2
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@HeWhoMustNotBeNamed, thank you so much for this, and thanks for the prompt response.

Really appreciate this
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