This Channel Worm gives 6 different KCs at max, and allows you to set a multiplier for the offset and worm settings (exponential).
The idea behind this script is that the overall brightness of the Channel will indicate the strength of the forecast. If the candles are shrouded by darkness, a correction is due.
Enjoy and let me know if you have any suggestions for improvements down below!
<3 Happy Trading
- Added a status box for the Worm with a single true/false forecast. (May add more forecasting in the future)
- Changed how forecast is detected (uses high/low instead of close)
- Added inputs for color and transparency
- Added forecast strength percentage calculation
- Added alert for Strong Worm Forecast
- Reordered the worm printing text to make more sense
- Various bug fixes
- Added comments
- I accidentally removed the color code
- Changed default values, cleaned up code.
- Added Long and Short alerts - Alerts for Long and Short are triggered when the outermost Keltner Worm value is crossed down or up
- Some bug fixes.
- Added display in the status box for a long and short opportunity.
- Added long and short labels to the chart
- Made some changes to some formulas
- Fixed an issue with worm exit alert repeatedly triggering
- Added options to enable or disable alerts separate from hiding and showing labels.
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.