OPEN-SOURCE SCRIPT
Price Action Channel Master by JustUncleL
Updated
This indicator combines a number of PAC types into one indicator and will replace some of my previously PAC scripts (some were not published).
It draws a Moving Average (MA) channel based on various boundary criteria. Even though the MA choices are not limited to SMA and EMA, these would be the your first choices with most PAC requirements, feel free to experiment though.
Optional Bar colouring around that channel.
Options Available:
(1) Select between 11 different types of moving averages for the base (centre) MA line choices are :
(2) Select Channel Boundary Criteria:
(3) Option to display coloured Candles around the Ribbon, the colouring uses the Default candle 3-tone colour scheme:
The Grab candles 6-tone colour scheme:
[List]
*Lime = Bull candle closed above Ribbon.
*Green = Bear candle closed above Ribbon.
*Red = Bull candle closed below Ribbon.
*DarkRed = Bear candle closed below Ribbon.
*Aqua = Bull candle closed inside Ribbon.
*Blue = Bear candle closed inside Ribbon.
It draws a Moving Average (MA) channel based on various boundary criteria. Even though the MA choices are not limited to SMA and EMA, these would be the your first choices with most PAC requirements, feel free to experiment though.
Optional Bar colouring around that channel.
Options Available:
(1) Select between 11 different types of moving averages for the base (centre) MA line choices are :
- SMA = Simple Moving Average (default)
- EMA = Exponential Moving Average.
- WMA = Weighted Moving Average
- VWMA = Volume Weighted Moving Average
- SMMA = Smoothed Simple Moving Average.
- DEMA = Double Exponential Moving Average
- TEMA = Triple Exponential Moving Average.
- HullMA = Hull Moving Average
- SSMA = Ehlers Super Smoother Moving average
- ZEMA = Near Zero Lag Exponential Moving Average.
- TMA = Triangular (smoothed) Simple Moving Average.
(2) Select Channel Boundary Criteria:
- HILO = Channel boundaries based on High and Low MAs (default).
- ATR = Channel boundaries are Multiplier * ATR distance from base line
- PIP = Channel boundaries are Multiplier * PIPs distance from base line
- STDEV = Channel boundaries are Multiplier * StdDev(price) distance from base line (this is the same as Bollinger bands if SMA is the base MA)
- KC = Channel boundaries are Multiplier * StdDev(True Range) distance from base line (this is the same as Keltner channel if SMA is the base MA)
(3) Option to display coloured Candles around the Ribbon, the colouring uses the Default candle 3-tone colour scheme:
- Lime = candle closed above Ribbon.
- Red = candle closed below Ribbon.
- Gray = Candle Closed inside Ribbon.
The Grab candles 6-tone colour scheme:
[List]
*Lime = Bull candle closed above Ribbon.
*Green = Bear candle closed above Ribbon.
*Red = Bull candle closed below Ribbon.
*DarkRed = Bear candle closed below Ribbon.
*Aqua = Bull candle closed inside Ribbon.
*Blue = Bear candle closed inside Ribbon.
Release Notes
Corrected Error for KC lower boundary, thanks to sal157011Corrected Date of script released.
Release Notes
By request, optional second channel added.Release Notes
... Minor improvements. - Updated inputs to use selectable options.
- Added implied GPL copyright notice.
- Added SWMA and Laguerre types to moving average options.
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.
JustUncleL
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.