Hexo Bull Market Support Band

This is our version of the Bull Market Support Band indicator.

This indicator contains two moving averages: one simple and one exponential. Together, they represent a support band that can be used in both bull and bear markets.

Although originally designed for the weekly chart, it can be used on any timeframe.

Our version adds a candle coloring rule: green for closes above the band and red for closes below.

The default value is 20 for the Simple Moving Average (SMA) and 21 for the Exponential Moving Average (EMA).

In our backtests, a value of 34 for both averages showed better results than the default.

The best scenario for buys is green candles above the green band.

The best scenario for sells is red candles below the pink band.
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