This is the second version of Kay_BBands. But this is infused with ADX.
When +DI (Directional Index) is above -DI, then Upper band will be visible and vice-versa. This is when the ADX is above the threshold. 20 is the default but can be set to 25.
When the ADX is below the specified threshold, both bands gets visible, showing no trending conditions.
Use it with another band with setting 20/21, 0.6 deviation. Prices keeping above or below the 2nd bands upper or lower bounds shows trending conditions.
I didn't know how to update the old script so I just have pasted the code here instead of creating a new script. So please copy and paste the script in pine script editor and add it to the chart.
Changes - :
1) Updated default settings for the indicator
2) ADX setting are now DI (28), ADX (10), adx level to check is 10.
3) IMPORTANT one - When DI is up/down, lower/upper band will also have color (more visible that way.)
Play around the settings.. It really eliminates extra indicator checking visually... Please like if you think idea is good.
trading.kay27
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//version=2
//2nd version of the band
study(shorttitle="Kay_BBv2", title="Kay_BBands", overlay=true)
length = input(20, minval=1)
hl = input(false, title="Band source as high/low ?", type=bool)
Usrc = hl ? high : close // input(high/Low, title="Upper Src")
Lsrc = hl ? low : close //input(low, title="Lower Src")
mult = input(2.0, minval=0.001, maxval=50)
basis = input(false, title="Use EMA ?", type=bool) ? ema(close, length) : sma(close, length)
//dev = mult * stdev(src, length)
isU = close > basis// and close > basis
//isBetween = (open > basis and close < basis) or (open < basis and close > basis)
isD = close < basis//open < basis and close < basis
tradingview.com/script/ZRxIOdnC-Kay-BBandsV3/