LazyBear

Keltner Channel with auto highlighting of Bear/Bull reversals

*** New version @ ****

All options configurable.

Reversals are marked using crosses. as well as highlighted using green/red color (depending on bull/bear). Enjoy!
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// @author LazyBear
// @credits Formula taken from http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:keltner_channels
//
study(title="Keltner Channel [LazyBear]", overlay=true)
offset = 1
lengthMiddle = input(20,  title="MiddleEMA")
channelATR = input(10, title="Channel wall ATR")
channelWidth = input(2, title = "Channel Width")
showBarColor = input(true, title="Highlight Bear/Bull reversals?", type=bool)

emaVal = ema(close,lengthMiddle)
upperVal = emaVal + channelWidth * atr(channelATR)
lowerVal = emaVal - channelWidth * atr(channelATR)

middle_line = plot(emaVal, style=circles, linewidth=2)
upper_line = plot(upperVal)
lower_line = plot(lowerVal)
fill(upper_line, lower_line, color=green, transp=80)

bearish_reversal = high > upperVal 
bear_point = bearish_reversal ? (high+offset) : na
bear_color = bearish_reversal ? red : na

bullish_reversal = low < lowerVal
bull_point = bullish_reversal ? (low-offset) : na
bull_color = bullish_reversal ? green : na

bar_color = bearish_reversal ? bear_color : (bullish_reversal ? bull_color : na)

plot(bear_point, color = bear_color, style=cross, linewidth=2)
plot(bull_point, color = bull_color, style=cross, linewidth=2)

bgcolor(showBarColor ? bar_color : na)
LB this is very nice, one question, is there a way for me to reduce the channelwidth input from 2 to 1.5?
TY
Reply
Yes. You can change it via options page.
+1 Reply
Nice script. Thanks for sharing.
+1 Reply
Thanks @stavros. I just fixed the color codes and published again - new one @
+2 Reply
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