OPEN-SOURCE SCRIPT
DEMA Supertrend Bands [Misu]
█ Indicator based on DEMA (Double Exponential Moving Average) & Supertrend to show Bands.
DEMA attempts to remove the inherent lag associated with Moving Averages by placing more weight on recent values.
Supertrend aims to detect price trends, it's also used to set protective stops.
█ Usages:
Combining Dema to calculate Supertrend results in nice lower and upper bands.
This can be used to identify potential supports and resistances and set protective stops.
█ Parameters:
█ Other Applications:
The mid band can be used to filter bad signals in the manner of a more classical Moving Average.
DEMA attempts to remove the inherent lag associated with Moving Averages by placing more weight on recent values.
Supertrend aims to detect price trends, it's also used to set protective stops.
█ Usages:
Combining Dema to calculate Supertrend results in nice lower and upper bands.
This can be used to identify potential supports and resistances and set protective stops.
█ Parameters:
- Length DEMA: Double Ema lenght used to calculate DEMA. Dema is used by Supertrend indicator.
- Length Atr: Atr lenght used to calculate Atr. Atr is used by Supertrend indicator.
- Band Mult: Used to calculate Supertrend Bands width.
█ Other Applications:
The mid band can be used to filter bad signals in the manner of a more classical Moving Average.
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.
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