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Jurik's Spandex Band for Amibroker (AFL)
Rating:
3 / 5 (Votes 2)
Tags:
amibroker, bands
Jurik’s Spandex Band
Elastic Band around the price movement.
Can be use to spot support and resistant.
All credit goes to the creator.
Screenshots
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Indicator / Formula
Copy & Paste Friendly
HalfLife = Param("channel halflife", 4.5, 0, 10, 0.1, 0);
ChanLen = Param("channel length", 1, 1, 100, 1, 0);
shrink = 2^(-HalfLife);
shrink2 = 1 - shrink;
topChan[0] = High[0];
botChan[0] = Low[0];
HH = HHV(High, ChanLen);
LL = LLV(Low, Chanlen);
for( i = 1; i < BarCount; i++ ) {
topChan[i] = shrink * H[i] + shrink2 * topChan[i-1] ;
botChan[i] = shrink * L[i] + shrink2 * botChan[i-1] ;
if (HH[i] >= topChan[i]) topChan[i] = HH[i];
if (LL[i] <= botChan[i]) botChan[i] = LL[i];
}
Plot(topChan,"spandex", colorRed, styleThick);
Plot(botChan,"", colorRed, styleThick);
//for( i = 1; i < BarCount; i++ ) {
// if (HH[i] >= topChan[i-1]) topChan[i] = HH[i];
// else topChan[i] = shrink * HH[i] + shrink2 * topChan[i-1] ;
// if (LL[i] <= botChan[i-1]) botChan[i] = LL[i];
// else botChan[i] = shrink * LL[i] + shrink2 * botChan[i-1] ;
// }2 comments
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How would use this for trading?
This is a price band with “elastic” properties. it expand as price tries to
break through and contracts afterwards.
Price never breaks through this band and trading signals may be taken when price is “pushing” the band up or down.