Trend Envelopes indicator is calculated based on a % of price change. That % is then used to determine if there is a new trend or trend remains the same.
This version is using Standard Deviation for the price change calculation instead and is adding prices smoothing prior to be used in calculations. The smoothing can be done using one of the 4 averages types:
This version of Trend Envelopes RSI indicator differs in one significant point: instead of using fixed value (5) for envelopes calculation, standard deviation (adjusted by multiplier) of the calculated RSI is used for envelopes calculation.STD Trend Envelopes
Trend Envelopes indicator that uses Standard Deviation for the price change calculation.