In truth, the bands can be approximated fairly well by utilising the Keltner Channel with offsets. My current settings are:
1st Band
Offset Multiplier 1.5
Period 10
Displacement -5
2nd Band
Offset Multiplier 2.5
Period 30
Displacement -15
This draws fairly nice channels, but lacks the smoothness of a hand drawn envelope and also does not allow for projection to the current bar. Generally, the projection would be drawn by hand and follow an average of the cycles timing. This is where I am at a loss as to how to code this...
Has anybody tackled this so far?
I have seen that Omnitrader have recently released a plug in for it, but I am not convinced. A nice looking set of tools has been developed for Esignal and the info can be found here:
They point out that they are using double-smoothed averages for the envelopes with "linear projection" for the extension of the band to the current bar.
I am not sure if there is already a double-smoothed average that I could use to modify the Keltner bands as a start? Really, the big quetion is how to extend the bands to now taking into account an average of the previous highs/lows for the period and following the already visible curve.
Any ideas or advice would be great
Comment