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This indicator draws 2 different averages based on highest high and lowest low of x amount of bars that can be set as you prefer. Also it paints the space between these averages in 2 different colours depending which average is higher than the other.

It has the next inputs:

  • periods: Number of bars to calculate first average.
  • periods1: Number of bars to calculate second average.

Both averages can be customized in colour, style, width.

Space painted between the averages just can be customized in colour and width.

Note: This averages are not calculated based on every bar but they are calculated taking the median of the x amount of bars. Example : In the last 100 bars the highest high was 5 and the lowest low was 3 so the average will be drawn at 4 it do not matter if there are more candles above/below 4.

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Version 2.0 - 2016.04.05
Added the possibility to choose calculation mode:
-Moving average
*In moving average mode you can choose MA_METHOD and also APPLIED_PRICE;
Version 1.10 - 2016.03.31
Added visible prices for every band. Price labels can be customized in color and size, and can be easily switched off by changing "true" to "false".