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Trendoscope

Relative Channel Bandwidth

Trendoscope Wizard  
Bollinger Bands (BB) Keltner Channels (KC) Donchian Channels (DC)
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bollingerbands keltnerchannels donchianchannels
This indicator uses different volatility channels - Bollinger Band, Donchian Channel and Keltner Channel width to measure volatility.

Indicator plots channel bandwidth percentage with respect to close price.

This is not same as Bollinger Percent B - which is measure of where price is with respect to band. Instead this indicator is similar to ATR Percent indicator published here:
ATR Percentage

Plotting is color coded to indicate volatility zone:

  • Red : Extreme volatility
  • Orange : High volatility
  • Lime : Low volatility
  • Green : Extreme low volatility

These levels are again derived by long period bollinger bands
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Open-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 a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

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