JayRogers

High Low Envelope Sigma

Description:

High and Low Envelope channel with median line and 'sigma' offsets to try and encapsulate price flow and quickly locate likely areas of support and resistance on the fly.
Remove from Favorite Scripts Add to Favorite Scripts
//@version=2

study(title = "High Low Envelope Sigma", shorttitle = "HLE Sigma", overlay = true)

// Revision:        1
// Author:          @JayRogers
//
// *** USE AT YOUR OWN RISK ***
// 
// Description:
// - High and Low Envelope channel with median line and 'sigma' offsets to try and encapsulate
//   price flow and quickly locate likely areas of support and resistance within smaller trend.

//=== INPUTS ===
length  = input(defval = 25, title = "Envelope Length", minval = 1, maxval = 1000)
sigma   = input(defval = 1.0, title = "Sigma Multiply", minval = 0.01, step = 0.1)
//=== /INPUTS ===

//=== SERIES and VAR ===
upperEnvelope   = highest(high, length)
lowerEnvelope   = lowest(low, length)
envelopeMedian  = (upperEnvelope + lowerEnvelope) / 2
envelopeSigma   = ((upperEnvelope - lowerEnvelope) / 8) * sigma
//=== /SERIES and VAR ===

//=== PLOTTING ===
plot(upperEnvelope, title = "Upper Envelope", color = #66FFFF, linewidth = 2)
plot(envelopeMedian + envelopeSigma, title = "Upper Sigma", color = #66FFFF, linewidth = 1, style = line)
plot(envelopeMedian, title = "Median", color = silver, linewidth = 1, style = circles)
plot(envelopeMedian - envelopeSigma, title = "Lower Sigma", color = #FF1133, linewidth = 1, style = line)
plot(lowerEnvelope, title = "Lower Envelope", color = #FF1133, linewidth = 2)
//=== /PLOTTING ===
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out