These 2 indicators are derivative work from Jim Hurst's book - "The Magic of Stock Transaction Timing".
The bands are % bands around a median that gets calculated according to Hurst's formula. The outer bands (called ExtremeBands) signify extreme overbought/oversold conditions. Inner bands signify potential pullback points. As you can see, they also act as dynamic S/R levels.
The oscillator bands match the bands overlaid on price, so you will get an excellent indication of where the price is gonna do by using the oscillator along with the bands. Note that Hurst Oscillator can be used separately too, there is no technical dependency on Hurst Bands.
More info on Hurst Method:
www.readthetick...IndLibrary.aspx?65tf=108_j...
The bands are % bands around a median that gets calculated according to Hurst's formula. The outer bands (called ExtremeBands) signify extreme overbought/oversold conditions. Inner bands signify potential pullback points. As you can see, they also act as dynamic S/R levels.
The oscillator bands match the bands overlaid on price, so you will get an excellent indication of where the price is gonna do by using the oscillator along with the bands. Note that Hurst Oscillator can be used separately too, there is no technical dependency on Hurst Bands.
More info on Hurst Method:
www.readthetick...IndLibrary.aspx?65tf=108_j...
List of my free indicators: bit.ly/1LQaPK8
List of my indicators at Appstore: blog.tradingview.com/?p=970
List of my indicators at Appstore: blog.tradingview.com/?p=970
// // @author LazyBear // // If you use this code in its original/modified form, do drop me a note. // study("Hurst Bands [LazyBear]", shorttitle="H%Bands_LB", overlay=true) price = hl2 length = input(10, title="Displacement length") InnerValue = input(1.6, title="Innerbands %") OuterValue = input(2.6, title="Outerbands %") ExtremeValue = input(4.2, title="Extremebands %") showExtremeBands = input(false, type=bool, title="Display Extreme Bands?") showClosingPriceLine = input(false, type=bool, title="Plot Close price?") smooth = input(1, title="EMA Length for Close") displacement = (length / 2) + 1 dPrice = price[displacement] CMA = not na(dPrice) ? sma(dPrice, abs(length)) : nz(CMA[1]) + (nz(CMA[1]) - nz(CMA[2])) CenteredMA=plot(not na(dPrice) ? CMA : na, color=blue , linewidth=2) CenterLine=plot(not na(price) ? CMA : na, linewidth=2, color=aqua) ExtremeBand = CMA * ExtremeValue / 100 OuterBand = CMA * OuterValue / 100 InnerBand = CMA * InnerValue / 100 UpperExtremeBand=plot(showExtremeBands and (not na(price)) ? CMA + ExtremeBand : na) LowerExtremeBand=plot(showExtremeBands and (not na(price)) ? CMA - ExtremeBand : na) UpperOuterBand= plot(not na(price) ? CMA + OuterBand : na) LowerOuterBand= plot(not na(price) ? CMA - OuterBand : na) UpperInnerBand= plot(not na(price) ? CMA + InnerBand : na) LowerInnerBand= plot(not na(price) ? CMA - InnerBand : na) fill(UpperOuterBand, UpperInnerBand, color=red, transp=85) fill(LowerInnerBand, LowerOuterBand, color=green, transp=85) FlowValue = close > close[1] ? high : close < close[1] ? low : hl2 FlowPrice = plot(showClosingPriceLine ? sma(FlowValue, smooth) : na, linewidth=1)