MA Channel

This indicator creates a high and low channel of moving average type selected, it also can draw deviation bands based on the channel for a unique representation of squeezes.

Features

• Moving average channel displays constant high and low price trend.
  
• Center band displays color representative of trend direction constantly.
  
• High price trend line disappears during downtrends, and low price trend line disappears during uptrends.
  
• Deviation band display accurately reports squeezes between price and channel data.
  
• Deviation band fill reports price range expansion as possible trend weakness.
  

Settings

• Period adjusts historical price data to use for trend analysis.
  
• Average Type adjusts the type of average calculation used in the trend plots.
  
• Show Deviation Band toggles display of deviation bands and their fill.
  
• Deviation Multiplier adjusts the deviation calculation, 2.0 is common.
  
• Style adjustments include up/down trend strong/weak color customization (default theme supports color blindness).
  
• Color Bar displays overall trend color on each bar.
  
• Deviation Band Fill With Squeeze Measurement adjusts opacity to represent deviation band squeeze, when bands contract the colors disappear, when bands expand the colors reappear.
  

Usage
Trend Analysis
When price has broken above the channel then it's an uptrend, price below the channel is a downtrend.
Pay attention to when inverse trend line appears only momentarily, these could be excellent trend continuation entry areas.

Reversals
Reversal areas can be spotted where price breaks the channel central ribbon but doesn't close outside on the opposite end of previous trend.

Squeeze
Band fill squeeze mode aims to make it a simple task to see when a squeeze may be weakening, with the color trend brightening during periods of expansion, and disappearing during periods of contraction (squeezing).

Notes de version:

• Adjusted settings groups, all deviation bands settings are now together.
  
• Added new deviation bands setting to turn off background color fill if desired.
  
• Bar colors now adjust coloring with price action, if in up trend but close < open the weak uptrend color will be used for bar coloring, similarly for the down trend and close > open using weak downtrend color.