Kijun Bands
Just fooling around, this indicator plots a line chart and a lagging price line, with customizable values, and Bollinger bands around a Kijun sen style moving average.
Lagging line is useful to confirm lack of momentum when breaching through the line or bands, to confirm extremes and a countertrend reaction, or lack thereof.
Have fun!
Lagging line is useful to confirm lack of momentum when breaching through the line or bands, to confirm extremes and a countertrend reaction, or lack thereof.
Have fun!
study(title = "Kijun sen on Bollinger Bands", shorttitle="Kijun+BB")
middleDonchian(Length) =>
lower = lowest(Length)
upper = highest(Length)
avg(upper, lower)
basePeriods = input(26, minval=1)
displacement = input(26, minval=1)
Kijun = middleDonchian(basePeriods)
xChikou = close
xPrice = close
plot(Kijun, color=blue, title="Kijun")
plot(xChikou, color= teal , title="Chikou", offset = -displacement)
plot(xPrice, color= yellow , title="Price")
BB_length = input(24, minval=1, maxval=50)
BB_stdDev = input(2, minval=2.0, maxval=3)
bb_s = Kijun
basis = sma(bb_s, BB_length)
dev = BB_stdDev * stdev(bb_s, BB_length)
upper = basis + dev
lower = basis - dev
plot(basis, color=red)
p1 = plot(upper, color=blue)
p2 = plot(lower, color=blue)
fill(p1,p2, blue)