OPEN-SOURCE SCRIPT
Kay_BBands v2
This is the second version of Kay_BBands. But this is infused with ADX.
When +DI (Directional Index) is above -DI, then Upper band will be visible and vice-versa.
This is when the ADX is above the threshold. 20 is the default but can be set to 25.
When the ADX is below the specified threshold, both bands gets visible, showing no trending conditions.
Use it with another band with setting 20/21, 0.6 deviation. Prices keeping above or below the 2nd bands upper or lower bounds shows trending conditions.
When +DI (Directional Index) is above -DI, then Upper band will be visible and vice-versa.
This is when the ADX is above the threshold. 20 is the default but can be set to 25.
When the ADX is below the specified threshold, both bands gets visible, showing no trending conditions.
Use it with another band with setting 20/21, 0.6 deviation. Prices keeping above or below the 2nd bands upper or lower bounds shows trending conditions.
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 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.