below a moving average. The moving average, which forms the base for
this indicator, can be a simple or . Each
is then set the same percentage above or below the moving average.
This creates parallel bands that follow price action. With a moving average
as the base, can be used as a trend following indicator.
However, this indicator is not limited to just trend following. The
can also be used to identify overbought and oversold levels when the trend is
You can change long to short in the Input Settings
- For purpose educate only
- This script to change bars colors.