Ehlers Super Passband with Floating Levels

This is Ehlers super passband indicator with floating levels. Floating levels choices are the standard rms envelopes, regular floating levels, or quantile bands. Color choices are middle line cross, outer levels cross, or slope change.

As described by John Ehlers

This pass-band oscillator seeks to pass-band out both high and low frequencies from market data to eliminate wiggles from the resultant signal thus significantly reducing lag. This pass-band indicator achieves this by using 2 differenced EMA's of varying periods. (40 and 60). Trigger points for the pass-band oscillator are added with a RMS cyclic envelope over the Signal line. Output of the pass-band waveform is calculated by summing its square over the last 50 bars and taking the square root of the averaged sum to create trigger levels.