Price could shows you dynamic support resistance levels. It also displays two bands (ie clouds) that show you where the trend is. If the price hits the bottom of the high band thats a buy and if it hits the top of the high band its a sell. During times of volatility the price can break support but you will find that the opposite band will work as the next level. I added tool tips for every option to help explain what everything does and I also left suggestions for other settings.
This works great on everything! That being said I have this setup in a general way that works really well for 20m forex. If you are scalping you might want to speed up the indicator. This is also true if you want go to the daily chart or above. Adjust the Stdev to match the market.. and I mean really play around with.. dont be shy! With all that out of the way this really will work out of the box. If you like this indicator its actually the same thing as my (PBS) but this one is an overlay on the chart. (Also as of publishing this script the code for this version is way cleaner. In fact I plan on replacing PBS with this as its base)
If you find this indicator is useful to you, Star it, Follow, Donate, Like and Share. Your support is a highly motivation for me.
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Quick fix on the chart
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chart should be fixed for real
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tool tip update
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Major update that over doubles the power of the study. Twice the lines making the clouds work way better. 6 ma's where added: TMA, WMA, HALMA, SMMA, VWMA, and GMA.
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tool tip update
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quick fix with input order lol
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Fixed input order (now that its not the middle of the "next morning" lol)
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Added mean line and background.
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Actually fixed input order. Updated tool tips. Added KAMA and fixed Smoothed Moving Average "smma". Updated default setting. Updated bg colours.
Congratulation!! I'' add it to my chart and see how can I use it. Do you have any suggestion??
peacefulLizard50262
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@AliSignals, Yeah sure! What are you trading? One general tip I can give is that it works like Bolinger Bands. You can absolutely trade with just this indicator by identifying the trend and then trading the channel. The green channel is the bull trend band and the red channel is the bear trend channel. If you want to reduce risk you can change the top of the high band from source high to source low and inversely change the bottom of the low band to source high.
AliSignals
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@peacefulLizard50262, Nice idea, I think trying to create a new indicator is great thing by itself. I hope you see too many traders using this indicator in their setup someday.
As some one who likes creating new indicators I know how great it feels.
peacefulLizard50262
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@AliSignals, ahaha well said! I hope so too! Thank you for the kind words :) I really hope this helps you make some money man. It felt pretty good to get it finished haha Im really excited to see what I do in the next few years. Thank you again for checking this out! If you like it please share it :)