KK_Price Action Channel (TDI BH) — Indicator by Kurbelklaus

Hey guys,

this little script is an addition to another one I will release right after this.

This is the Price Action Channel. The bands are calculated using a smoothed moving average of the highs/lows. I have taken the smoothed moving average script from the public library in order to create this, so all props to whoever created that one.

I am fairly new to creating scripts so use it with caution and let me know what you think!

EDIT: Here is the script I have written this one for:

KK_Traders Dynamic Index_Bar Highlighting

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Want to use this script on a chart?

//author: Kurbelklaus
//Code for the smoothed moving average taken from the public library
study(title = "KK_Price Action Channel", shorttitle="PAC", overlay=true)
srcH = high
srcL = low
lenH = input(5, minval=1, title="Length High")
lenL = input(5, minval=1, title="Length Low")
smmaH = na(smmaH[1]) ? sma(srcH, lenH) : (smmaH[1] * (lenH - 1) + srcH) / lenH
smmaL = na(smmaL[1]) ? sma(srcL, lenL) : (smmaL[1] * (lenL - 1) + srcL) / lenL
plot(smmaH, color=blue)
plot(smmaL, color=blue)