OPEN-SOURCE SCRIPT
Bull Market Support Band (20w SMA, 21w EMA)
Updated
This moving average indicator is a bull market support band. It's significance comes from the previous bull runs where the price was bouncing off or riding from a distance the support band until the end of the market cycle. For example, during the 2017 bull run, Bitcoin had several 30-40% corrections to the support band.
The green line represents the 20 weeks simple moving average and the red line represents the 21 weeks exponential moving average. The best way to read the current value is to look at the weekly chart, but any time frame will display the same values.
The green line represents the 20 weeks simple moving average and the red line represents the 21 weeks exponential moving average. The best way to read the current value is to look at the weekly chart, but any time frame will display the same values.
Release Notes
Smooth lines on non-weekly timeframes.Release Notes
Removed deprecated "color" attribute in "fill" function and changed "color" attribute accordingly.Release Notes
Fixed a bug where changing the indicator timeframe does not change the lengths of the moving averages. Release Notes
Bumped the version to v5.Release Notes
Fixed a bug where there is a gap between the latest indicator data and the chart's latest data on timeframes lower than weekly.Release Notes
Reverted last big fix since it is removed multi timeframe functionality.Release Notes
Same as aboveOpen-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
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