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Viper Trading Systems Indicator

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Market Wizard
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I was wondering if there is a indicator that is similar to the money band? It seems to give the trend and the top/bottom range (especially the green and pink zone). Thanks



Regards,

Jerry

It is a set of 4 simple channels, each of them comparable but not identical to a Donchian Channel. All 4 channels have a fixed width

-> inner channel width = 3 x Renko brick size
-> second channel width = 6 x Renko brick size
-> third channel width = 9 x Renko brick size
-> outer channel width = 12 x Renko brick size

Whenever there is a brick that would close outside the channel, the channel is adjusted in the direction that the breakout has occurred.

You can probably code this within 60 minutes (including all the color stuff which would take most of the time).

I do not see why this channel would be superior to a standard Donchian channel, which works in a similar way, but does not have a fixed bandwidth.

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