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Create tradingview indicator with pine script

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I would like an indicator that calculates a percentage distance from a band. The percentage distance should be fully adjustable by the user.

The indicator should draw a horizontal line at the selected percentage distance, and that line should support a price alert.

It should be able to calculate the distance from the blue band in both directions:

  • upward (above the blue band),
  • downward (below the blue band).

There should also be the same functionality for the red band, with its own adjustable percentage distance.

Additionally, there should be an option to:

  • calculate and draw lines from both bands simultaneously,
  • enable calculations from only the blue band,
  • enable calculations from only the red band,
  • or disable this feature completely so that no percentage-distance lines are drawn.

The bands move together with the price, so the calculated line must update dynamically as well.

For example, if I set the line to 0.20% above the blue band, I want the line to always stay 0.20% above the current position of the blue band. As the band moves up or down, the line should move with it automatically, maintaining the exact 0.20% distance at all times.

In other words, the line should continuously recalculate its position based on the current value of the selected band, rather than remaining fixed at the original level.



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