1. Overview
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.
2. 14 types of moving averages
The indicator allows you to choose one of the 13 different types of moving averages and specify the period for the selected moving average. This way you can fully customize which moving average you would like to use for the SSL Trend Channel
3. ATR based channel bandwidth
The SSL channel can optionally be widened by applying an ATR-based multiplier. When the ATR multiplier is set to 0 the band has its original width determined by the 2 moving averages. By increasing the multiplier to for example 0.5, 1, 2, or more you can widen the SSL channel to your liking
4. Bloodhound/BlackBird/Strategy support
The indicator also exposes the following plots for use in your strategies:
- Lowe band
- Upper band
- Mid band
- Long signal
- Short signal
5. Key Features
- Trend following and Trend reversals
- ATR based upper and lower bands
- 14 types of EMA's including the McGinley line
- bloodhound / strategy support
- 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...)
6. Changelog
01-jun-2022 v1.0.0.4
- Added option to show no trade zone
- Added option to give an alert when price closes outside the devils bands
12-dec-2021 v1.0.0.3
- Added multiple type's of moving averages
- Added long/short bloodhound signals
08-03-2021 v1.0.02
- fixed issue where gridlines disappeared when the indicator was added to the chart
Media
