Not a bad indicator. Even though it's essentially just the Bollinger Bands with Standard Deviation of 1 and using a 14 period, the bars are visually appealing and give it more of a Waddah Attar Explosion feel to it, especially when the bars "break" the bands.
The Val-Bands
The Val Bands are a candlestick length Volatility indicator.
What do the bars mean?
- Yellow histogram bars: Candlestick length in pips
- Three MA Lines: Moving Averages (Bollinger Bands) and signal from the length of the candles using Standard Deviation.
How to use the Val-Bands
If the Val-Bands histogram shows a yellow bar and is below the lowest line, it shows that market is flat (ranging).
When the histogram is moving up from under the lower line above it, this shows the start of a trend.
- Red histogram is a SELL signal.
- Blue bar is a BUY signal.
Huge thanks to Mrtools for adding the Average Filters.
PS: I've set up my template and changed the colors of the Yellow bars to Grey to give those bars a "Neutral" look as the focus should be more on the Red and Blue bars.
