The TDU Devils bands are dynamic bands that widen and shrink depending on the volatility of the market. The centerline uses a McGinley Line instead of a plain moving average. The advantage of the McGinley line is that it adjusts itself in relation to the speed of the market. This is exactly where a normal moving average fails. For example, how can one know when to use a 10,20 or 50 moving average in a slow or fast market. The McGinley was built to automatically adjust to the current speed of the market and so proves to be a much more adaptable and useful tool to utilize.
Starting with the McGinley line at the center of the bands, the upper and lower bands are by default placed at a distance of 1-ATR (you can change this to any other ATR distance you like). Price often reverses when it reaches a distance of 1-ATR from the mean. So the upper and lower bands are ideal spots to start looking for trade opportunities.
- Trend following and Trend reversals
- ATR based upper and lower bands
- McGinley center line
- Slope color
- Fully customizable
- Works on timeframe
- Works on any market (futures, forex, crypto, stock, options, etc)
- Works on any bartype (time,tick,volume,range, renko, etc...)
- fixed issue where gridlines disappeared when the indicator was added to the chart