If you are familiar with the %B for use with Bollinger Bands, then you will understand this indicator immediately.
Designed for use with my +UMA moving average, this works in exactly the same way, with a few differences.
First off, as you can choose on which type of moving average the calculations are made, so too you will want to match this up with the one you are using. That of course goes for the standard deviation as well (just like you would with Bollinger Bands and %B). Here, because the +UMA uses highs and lows to create a sort of moving average channel, and then also to create the bands, I've opted to set the inner part of the bands as the extreme edge that the %UMA equates with the upper and lower lines.
I've added a moving average, donchian channels, and auto-plotted divergences as well, if you like. Typical color related stuff that I do. Alerts for everything.
Hope you like it!
The above image is comparing two of the same indicator, but based on different moving averages, and how it might plot divergences differently between the two.
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fixed something that I had changed previously because I thought it was weird, but in fact is not weird and instead makes lots more sense, like I originally thought. don't mind me. :) lol
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- updated to version 5 pinescript - added a couple additional moving averages - updated to +RMA for use with that version of the UMA - added circles at top and bottom of indicator for crosses of the %UMA and the moving average.
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- missed a change just a minute ago.... fixed
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I'm publishing updates to all of my indicators, so I'm just going to comment on everything here since most of the updates are common across most of my indicators.
User Non-Visible Updates (basically backend stuff that makes: - changes in code legibility and consistency across all indicators (basically standardizing the coding across as many indicators as possible) - implementation of libraries into my indicators; which helps significantly in doing what I typed above; which in turn will make creating any new indicators, if they are of the type to use these libraries, much simpler - updated descriptions for all indicators, which should (it's possible I've forgotten things) reflect changes I've made recently and any I may have made in the past after first publication (this is very minor, but as I was changing so much I thought I may as well--I don't intend to update these much, if at all, in the future)
User Visible Updates: - as I mentioned everything now uses my moving averages library and volatility bands library--this cuts down the total amount of code significantly, and has made it easier for me to add moving averages, or volatility bands to these indicators because I only had to/have to add it one time (to the library) rather than multiple times across all indicators* - since creating these libraries I've added several new moving averages (Kaufman Adaptive, Laguerre Filter, McGinley Dynamic (doesn't work for all), and Zero-lag) to them while retaining all the previous with the exception of the UMA, which wasn't implemented consistently across all indicators anyway - eliminated having two Bollinger Bands with different standard deviations and a fill between them in exchange for one with the band fill implementation that I use on my Donchian Channels Bands - part of my code consistency across all indicators resulted in a much needed organization of the 'style' tab
*(affects all but the Wavetrend Oscillator, Wavetrend Oscillator Overlay, Jurik KDJ, Average Candle Bodies Range, Bollinger Bands Width, ALMA Trend Detector, Ultimate Moving Average, Donchian Channels, and Dynamic Donchian Channels)
thanks for sharing another great idea! I am familiar withh the %B idea, however may I please ask you several questions regarding the indicator. As far as I understood, the volatile line is essentially reflecting the price in relation to your UMA. While the less volatile line is MA of the more volatile line. Is this correct?
Now, regarding UMA itself I must admit that I am a bit confused, although I spent some time reading your extensive explanations in the UMA script. So, UMA is actually a Rex Dog Moving Average, with inner bands being moving averages of the price bar's high and low divided by 2. The outer bands are the bollinger bands of the UMA. Are these my statements correct?
ClassicScott
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@Linktind, I'll answer your second question first. I'm not sure if you're familiar with the RDA (or RDMA as I call it). If not, well, it is an average of six different simple moving averages (5 - 200 I think). My UMA is similar in that it is an average of eight different moving averages (but you can choose the type of moving average that the lengths or periods are an average of--so like an average of Hull moving average, or exponential). The moving averages go from 5 to 144 and they're based on fibonacci sequence numbers. The first version of the script was actually just an experiment with plotting a moving average of the high price and another one of the low price, instead of the close like most people would use. I thought creating a sort of channel between high and low price might give a better insight into the reaction of the price around the moving averages. Then I had the idea of making something like the Rex Dog MA, and it all turned into what you are using today. So, you have noticed that there are three different moving averages. There is the high, there is the low, then there is the center one. The center one is simply the average of the high and the low. So, to take the high moving average I just add the 5,8,13,21,34,55,89, and 144 moving averages of the high and divide by eight (because there are eight moving averages). The low is the same. Then from those two moving averages I divide by two (because it's the two averages), and that price is the center MA (or basis as I call it in the indicator). There is also the "greater moving average" which is the shaded fill between the high and the low. The far outer bands are basically bollinger bands, and those are derived from the high and low of the moving average channel, which is why you notice the thickness of them changes quite a bit depending on the volatility.
So, to answer your first question, yes, there is a moving average and it is a moving average of the %UMA. You can of course turn it off if you don't want to use it.
thanks for sharing another great idea! I am familiar withh the %B idea, however may I please ask you several questions regarding the indicator. As far as I understood, the volatile line is essentially reflecting the price in relation to your UMA. While the less volatile line is MA of the more volatile line. Is this correct?
Now, regarding UMA itself I must admit that I am a bit confused, although I spent some time reading your extensive explanations in the UMA script. So, UMA is actually a Rex Dog Moving Average, with inner bands being moving averages of the price bar's high and low divided by 2. The outer bands are the bollinger bands of the UMA. Are these my statements correct?