j1O9SB

Keltner Channels Oscillator v2

A cleaner aesthetic and an introduction to the indicator's uses.
I would also be very appreciative of any Keltner Channels related ideas or concepts you may have run across to add features to this indicator.
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study(title="Keltner Channels Oscillator",shorttitle="KCO",overlay=false,precision=1)
//Inputs
kc_len=input(21,title="Keltner Channel Length")
kc_mult1=input(1,title="Keltner Channel First Multiple")
kc_mult2=input(2,title="Keltner Channel Second Multiple")
kc_src=input(close,title="Keltner Channel Source")
//Keltner Channel
kc_ma=ema(kc_src,kc_len)
kc_rng=ema(tr,kc_len)
kc_oneup=kc_ma+kc_rng*kc_mult1
kc_onedn=kc_ma-kc_rng*kc_mult1
kc_twoup=kc_ma+kc_rng*kc_mult2
kc_twodn=kc_ma-kc_rng*kc_mult2
//Oscillator
kc_lvlclose=(close-kc_ma)/kc_rng
kc_lvlopen=(open-kc_ma)/kc_rng
kc_lvlhigh=(high-kc_ma)/kc_rng
kc_lvllow=(low-kc_ma)/kc_rng
kc_lvloneup=(kc_oneup-kc_ma)/kc_rng
kc_lvlonedn=(kc_onedn-kc_ma)/kc_rng
kc_lvltwoup=(kc_twoup-kc_ma)/kc_rng
kc_lvltwodn=(kc_twodn-kc_ma)/kc_rng
//Color
kc_col=kc_lvlclose>0?green:red
kc_colbar=(close>open)?white:black
//Plots
plotbar(kc_lvlopen,kc_lvlhigh,kc_lvllow,kc_lvlclose,color=kc_colbar,editable=true)
plot(0,color=gray,style=line,linewidth=1,editable=false)
plot(2,color=white,style=line,linewidth=1,editable=false)
plot(1,color=white,style=line,linewidth=1,editable=false)
plot(-1,color=black,style=line,linewidth=1,editable=false)
plot(-2,color=black,style=line,linewidth=1,editable=false)
My apologies that the chart is a mess. I reposted it as an idea.
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Thank you for coding this, this indicator is a great research tool. I have one idea for the indicator. Can you add an option to change the bars to candles?

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j1O9SB PRO kinggold
Of course. Just tell me which color you want them to be and I'll have the indicator up asap.
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kinggold j1O9SB
Thanks, bull candles white and bear candles red.
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j1O9SB PRO kinggold
KCO w/Candles


There is an issue with indicator candles where you can't have alternating wick or candle border colors.
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kinggold j1O9SB
Candle color doesn't matter to me. Same candle color in white would be just as great.
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j1O9SB PRO kinggold
I'll be making the v3 oscillator into a candle version if you're interested.
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kinggold j1O9SB
I prefer the unmarked 2nd version. The lines in the 3rd version are a little intrusive.
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