It is easy to understand
Finds overbought and oversold situations
Draws at bar closing and does not backpaint
The calculation timeframe is customizable
The red line is the overbought price
The green line is the oversold price
It has straightforward trading implications.
Look for buying opportunities when the market is oversold
Look for selling opportunities when the market is overbought
The indicator is calculated using a three-day moving average of the last two true highs minus ATR to derive the lower channel and a three-day moving average of the last two true lows plus ATR to derive the lower channel.
Timeframe: Timeframe to calculate the bands from
Indicator Period: Amount of bars to look back to calculate the channel
I am happy to provide free products but given my limited time, they come without support of any kind. My apologies.
Arturo López Pérez, private investor and speculator, software engineer and founder of Point Zero Trading Solutions.