This tool was created in an attempt to forecast the price range of the next BTCUSD candle
based upon the volatility of the current candle.
based upon the volatility of the current candle.
study(title="Volatility Tamer",shorttitle="VolT",overlay=true,precision=0) //This tool was created in an attempt to forecast the price range of the next BTCUSD candle //based upon the volatility of the preceeding candle. This is not a moving //average. Displays the followinginformation : last price, low, high, //a maximum and average price range based upon preceeding candle, //and price ranges based upon the historical median(4.5%) and average(7%) daily volatility //at Bitstamp. (Disclaimer: My calculations for these and all other values are subject to being wrong. //Furthermore, several months have passed since I calculated the Bitstamp values. ) //Usage notes: To view predictions for the next candle, select VvHa and VvLa in the style configuration tab. //Predictions are not set in stone until the next candle begins. Last=close C=close H=high L=low C1=close[1] H1=high[1] L1=low[1] HA=93 HM=95.5 X1=(L1*100)/H1 Y1=(100-X1)/2 Z1=X1+Y1 X2=(L*100)/H Y2=(100-X2)/2 Z2=X2+Y2 NHML=(C1*HM)/100 NHMH=(C1*100)/HM NHAL=(C1*HA)/100 NHAH=(C1*100)/HA NMH=(C1*100)/Z1 NML=(C1*Z1)/100 NH=(C1*100)/X1 NL=(C1*X1)/100 vvH=(C*100)/X2 vvL=(C*X2)/100 vvHa=(C*100)/Z2 vvLa=(C*Z2)/100 plot(high,color=#E56717,title="High") plot(low,color=#E56717,title="Low") plot(Last,color=#57E964,title="Last") p1=plot(NMH,color=yellow,title="Avg Hi",style=cross,offset=0) p2=plot(NML,color=yellow,title="Avg Low",style=cross,offset=0) p3=plot(NL,color=green,title="Max Low",style=cross,offset=0) p4=plot(NH,color=green, title="Max Hi",style=cross,offset=0) p5=plot(NHMH,color=orange,title="Median Hi",style=cross,offset=0) p6=plot(NHML,color=orange,title="Median Low",style=cross,offset=0) fill(p2,p3,color=#1569C7,transp=50) fill(p1,p4,color=#1569C7,transp=50) fill(p4,p5,color=#0000A0,transp=75) fill(p3,p6,color=#0000A0,transp=75) plot(NHAH,color=red,title="Avg Hi(H)",style=cross,offset=0) plot(NHAL,color=red,title="Avg Low(H)",style=cross,offset=0) plot(vvH,color=#00FF00,title="vvH",style=cross,offset=1) plot(vvL,color=#00FF00,title="vvL",style=cross,offset=1) plot(vvHa,color=#FF00FF,title="vvHa",style=cross,offset=1) plot(vvLa,color=#FF00FF,title="vvLa",style=cross,offset=1)