Two Envelopes channels, based on one moving average with different deviation values, drawn as a cloud. The first channel is painted in a pale gray color, the top of the second channel, extending beyond the first channel, is painted in a pale green color, and the bottom of the second channel, also extending beyond the first channel, is painted in a pale pink color.
The indicator uses SmoothAlgorithms.mqh library classes (copy it to <terminal_data_folder>\MQL5\Include). The use of the classes was thoroughly described in the article "Averaging Price Series for Intermediate Calculations Without Using Additional Buffers".
Figure 1. The XEnvelopes2 Indicator
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/14750
The XEnvelopes with the timeframe selection option available in the input parameters.XEnvelopes
The classic Envelopes indicator which uses the algorithms of universal averaging and fills the channel with a colored background.