Kijun Bands — Indicator by IvanLabrie

Just fooling around, this indicator plots a line chart and a lagging price line, with customizable values, and Bollinger bands around a Kijun sen style moving average.
Lagging line is useful to confirm lack of momentum when breaching through the line or bands, to confirm extremes and a countertrend reaction, or lack thereof.
Have fun!

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Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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.

Want to use this script on a chart?

study(title = "Kijun sen on Bollinger Bands", shorttitle="Kijun+BB")
middleDonchian(Length) =>
    lower = lowest(Length)
    upper = highest(Length)
    avg(upper, lower)

basePeriods = input(26, minval=1)
displacement = input(26, minval=1)
Kijun =  middleDonchian(basePeriods)
xChikou = close
xPrice = close
plot(Kijun, color=blue, title="Kijun")
plot(xChikou, color= teal , title="Chikou", offset = -displacement)
plot(xPrice, color= yellow , title="Price")

BB_length = input(24, minval=1, maxval=50)
BB_stdDev = input(2, minval=2.0, maxval=3)

bb_s = Kijun
basis = sma(bb_s, BB_length)
dev = BB_stdDev * stdev(bb_s, BB_length)
upper = basis + dev
lower = basis - dev
plot(basis, color=red)
p1 = plot(upper, color=blue)
p2 = plot(lower, color=blue)
fill(p1,p2, blue)