OPEN-SOURCE SCRIPT
CQ KeltnerPosition
This indicator shows where price is positioned inside a Keltner Channel using a normalized scale.
The output is a single oscillator that ranges from −1 to +1:
−1 when price is at the lower Keltner band
0 when price is at the channel midpoint
+1 when price is at the upper Keltner band
Values between these levels represent the relative position of price within the channel.
How it works
The Keltner Channel is built using a moving-average basis and an ATR-based range.
Upper and lower bands are calculated as:
Upper = Basis + (Multiplier × ATR)
Lower = Basis − (Multiplier × ATR)
The position is then normalized as:
((price − lower) / (upper − lower)) × 2 − 1
This normalization ensures consistent behavior across symbols, timeframes, and volatility regimes.
The output is a single oscillator that ranges from −1 to +1:
−1 when price is at the lower Keltner band
0 when price is at the channel midpoint
+1 when price is at the upper Keltner band
Values between these levels represent the relative position of price within the channel.
How it works
The Keltner Channel is built using a moving-average basis and an ATR-based range.
Upper and lower bands are calculated as:
Upper = Basis + (Multiplier × ATR)
Lower = Basis − (Multiplier × ATR)
The position is then normalized as:
((price − lower) / (upper − lower)) × 2 − 1
This normalization ensures consistent behavior across symbols, timeframes, and volatility regimes.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.