Ver.1 By Ricardo M Arjona @XeL_Arjona
The Following indicator/code IS NOT intended to be a formal investment advice or recommendation by the author, nor should be construed as such. Users will be fully responsible by their use regarding their own trading vehicles/assets.
The embedded code and ideas within this work are FREELY AND PUBLICLY available on the Web for NON LUCRATIVE ACTIVITIES and must remain as is.
This IS NOT the wheel "Re-Invention"... This is exactly what the name says: A pair of Bands to measure "volatility", constructed at statistical relation from within price series and their Rolling back MEAN ( ). YES, What Mr. did and put it's name to this simple, cleaver and popular formula.
This time, I took the time to make another simple mod, but seems to me to be quite functional in REAL VOLATILE assets like in the example chart: TO USE THEIR GEOMETRIC MODE!!
Any feedback or public modification(s) are quite welcome to the community....!
Apr 28 2016
//@version=2 study("GEOMETRIC STANDARD DEVIATION BANDS v1 by @XeL_Arjona", shorttitle="gSDB", overlay=true) src = input(title="Candle Source:",type=source,defval=close) p = input(title="Rollback Mean:",defval=21) s = input(title="Deviation Envelope:",defval=2) et = input(title="EnvTYPE: Cl | Avg | HiLo:",defval=2,minval=1,maxval=3) // VARIABLES cl = log(src) hi = iff(et==1, log(src), iff(et==2,log(high), log(avg(src,high)))) lo = iff(et==1, log(src), iff(et==2,log(low), log(avg(src,low)))) // FUNCTIONS // Standard Deviation from Custom Mid Point (Custom Bollinger) cStdDev(array,mid,lb,mult,dir) => std = stdev(array,lb) d = dir ? 1 : -1 band = mid + d * mult * std mean = exp(sma(cl,p)) up = exp(cStdDev(hi,sma(hi,p),p,s,true)) dn = exp(cStdDev(lo,sma(lo,p),p,s,false)) // PLOT DIRECTIVES plot(mean,color=blue,transp=0) uband = plot(up,color=blue,transp=55) dband = plot(dn,color=blue,transp=55) fill(uband,dband,color=navy,transp=96)