High-Low Difference Channels r2
About:
I developed the original as an experiment to potentially replace or augment my BB and RSI based strategies. After some back-testing I could see some really interesting results but it wasn't quite where I wanted it, so after some tweaking and further back-testing, and adding in more MA options, here we are. Mostly tested on 1h and greater time-frames using default settings.
Description / Usage:
r2 Changes:
Issues:
Additional Notes:
All MA variants available in this script were derived directly from the sources of those available within the pine editor. I have been fairly diligent trying to ensure they all function correctly, but I can't 100% guarantee it, so if anyone gives the script a try, or dives into the code and see's something odd - don't hesitate to let me know!
It would also be fantastic to hear feedback from anyone who finds use for this, to augment an existing strategy/idea, or develop something new. :)
I developed the original as an experiment to potentially replace or augment my BB and RSI based strategies. After some back-testing I could see some really interesting results but it wasn't quite where I wanted it, so after some tweaking and further back-testing, and adding in more MA options, here we are. Mostly tested on 1h and greater time-frames using default settings.
Description / Usage:
- Adjust length and multiplier much the same way you would expect with Bollinger Bands.
- Multiplier of 1 gives you a base channel consisting of one high, and one low sourced MA
- The outer channels are increments of the base high-low channel width, away from the hl2 sourced MA
r2 Changes:
- Increased amount of up/down channels to 5, and lowered multiplier default to 1 (previously 1.5)
- Tweaked default colour scheme.
- Pick your MA poison of choice! Added choices for all your common MA variants.
Issues:
- VWMA bugs out and refuses to draw sometimes - no idea why.
Additional Notes:
All MA variants available in this script were derived directly from the sources of those available within the pine editor. I have been fairly diligent trying to ensure they all function correctly, but I can't 100% guarantee it, so if anyone gives the script a try, or dives into the code and see's something odd - don't hesitate to let me know!
It would also be fantastic to hear feedback from anyone who finds use for this, to augment an existing strategy/idea, or develop something new. :)
//@version=2
study(title="High-Low Difference Channels r2 - SMA/EMA/WMA/VWMA/SMMA/DEMA/HullMA/LSMA", shorttitle="HLDC_r2", overlay=true)
// Revision: 2
// Author: JayRogers
//
// Description / Usage:
// - Adjust length and multiplier much the same way you would expect with Bollinger Bands.
// - multiplier of 1 gives you a base channel consisting of one high, and one low sourced MA
// - The outer channels are increments of the base high-low channel width, away from the hl2 sourced MA
//
// r2 Changes:
// - Increased amount of up/down channels to 5, and lowered multiplier default to 1 (previously 1.5)
// - Tweaked default colour scheme.
// - Pick your MA poison of choice! Added choices for all your common MA variants.
//
// Issues *
// - VWMA bugs out and refuses to draw sometimes. No idea why.
hlc_typeString = input(defval="SMA", title="Pick your Poison: SMA, EMA, WMA, VWMA, SMMA, DEMA, HullMA, LSMA (case sensitive)", type=string)
hlc_length = input(defval=50, title="Channel Length", minval=1)
hlc_diffMult = input(defval=1.0, title="Channel Width Multiplier", minval=0.1, maxval=50)
lsma_offset = input(defval=0, title="LSMA Offset (only affects LSMA)")
maVariant(maT, maS, maL) =>
v1 = sma(maS, maL) // Simple
v2 = ema(maS, maL) // Exponential
v3 = wma(maS, maL) // Weighted
v4 = vwma(maS, maL) // Volume Weighted *
v5 = na(v5[1]) ? sma(maS, maL) : (v5[1] * (maL - 1) + maS) / maL // Smoothed
v6 = 2 * ema(maS, maL) - ema(ema(maS, maL), maL) // Double Exponential
v7 = wma(2 * wma(maS, maL / 2) - wma(maS, maL), round(sqrt(maL))) // Hull
v8 = linreg(maS, maL, lsma_offset) // Least Squares
// return MA poison of choice, defaults to SMA (in case of input typo)
r = maT=="SMA"?v1 : maT=="EMA"?v2 : maT=="WMA"?v3 : maT=="VWMA"?v4 : maT=="SMMA"?v5 : maT=="DEMA"?v6 : maT=="HullMA"?v7 : maT=="LSMA"?v8 : v1
hl2_line = maVariant(hlc_typeString, hl2, hlc_length)
high_line = maVariant(hlc_typeString, high, hlc_length)
low_line = maVariant(hlc_typeString, low, hlc_length)
diffMult(num) =>
hldm = (high_line - low_line) * hlc_diffMult
r = hldm * num
midline = plot(hl2_line, title="Midline", color=#0066AA, linewidth=1, transp=50)
highLine = plot(hl2_line + (diffMult(1) / 2), title="Center Channel Upper", color=silver, transp=100)
lowLine = plot(hl2_line - (diffMult(1) / 2), title="Center Channel Lower", color=silver, transp=100)
diffUp1 = plot(hl2_line + diffMult(1), title="High Diff 1", color=#0099FF, transp=80)
diffUp2 = plot(hl2_line + diffMult(2), title="High Diff 2", color=#0099FF, transp=80)
diffUp3 = plot(hl2_line + diffMult(3), title="High Diff 3", color=#0099FF, transp=80)
diffUp4 = plot(hl2_line + diffMult(4), title="High Diff 4", color=#0099FF, transp=80)
diffUp5 = plot(hl2_line + diffMult(5), title="High Diff 5", color=#0099FF, transp=80)
diffDown1 = plot(hl2_line - diffMult(1), title="Low Diff 1", color=#0099FF, transp=80)
diffDown2 = plot(hl2_line - diffMult(2), title="Low Diff 2", color=#0099FF, transp=80)
diffDown3 = plot(hl2_line - diffMult(3), title="Low Diff 3", color=#0099FF, transp=80)
diffDown4 = plot(hl2_line - diffMult(4), title="Low Diff 4", color=#0099FF, transp=80)
diffDown5 = plot(hl2_line - diffMult(5), title="Low Diff 5", color=#0099FF, transp=80)
fill(highLine, lowLine, title="Center High-Low Fill", color=silver, transp=70)
Added (optional) select-able fixed resolutions, so you can have 1 hour bands on your 1 minute chart if you do so feel inclined.
Otherwise just some minor code cleaning and proper commenting: