You can read about what he says about his indicator, and how to use it, here:
So, from that, what have I done?
I added a moving average (of which there are many types to choose from) so that you can use this as a "two lines cross" indicator, as well as a "mid-line cross" indicator.
I added (primarily for when "range" is turned off, but if you want to use the Bands with it in fixed range mode too, that's fine. You do you.).
I added candle coloring for both ways of using this indicator:
In rangebound mode there is overbought and oversold coloring, as well as (ADP above the MA and median) and (ADP below the MA and median), and neutral (ADP is above the MA but below the median, or below the MA and above the median). With range turned off there is no overbought or oversold of course. Above the MA and median is , below both is , and neutral covers that grey area where it's neither one nor the other.
The indicator itself is also colored in the same way the candles are. The MA and BBands are biased colored as well (green/red).
Alerts for pretty much every condition imaginable.
Please note in the image above the indicator is pretty gaudy. I don't use it like that, and you can turn a lot of that stuff off (lines, shading, etc.). That is just the default settings.
Like I said, I think make most sense if you have it set to range off, but they could be useful either way. Depends on you, the trader.
The candle color is 100% based on the moving average, so if you are using the BBands, set your MA to the default 20 because that's what BBands use for the basis. If you just turn off the MA, whatever it is set to the indicator will still see that and use it (unless you turn off candle colors) to color the candles.
Above is the same image, but just with range turned off, and the turned off.
That's all. Hope you like this! It's becoming a favorite of mine, and a lot of what I've implemented here will be added to my previously released indicators, as well as any new ones.
added Jurik Phase input
Tried to figure out some ways to cleanup the inputs side of the indicator, but what I've looked at (inline functions and groups) is beyond my expertise, so it'll have to wait. Screenshot for eyeball test below. Enjoy!
added ALMA in moving averages
removed band fill
Added background stripes where the primary and secondary ADPs cross
Added second Bollinger Band in order to create a soft band. This eliminates the need to use the background fill if the user doesn't like the indicator being compressed by the Bollinger Band plots. Color fills can extend outside of frame, whereas plots can not. This is turned on by default, and the plots are turned off. Background fill is always on, as there is no way to turn it off by default. Strange, that.
Lastly, got rid of the "basis" code for the Bollinger Bands. Now, whichever moving average is your primary moving average the bands will be drawn via those data points.
This is mainly as a result of a question I received from a user about the use of the secondary DPO in my + DPO indicator (check it out, btw, it's a highly underrated oscillator, imo). And, while understanding the use myself, I realized that my implementation of DPO+DPO crosses was WRONG for the intended use of the second DPO. This realization has carried over into this script, and my implementation of indications around how the second ADP should be used in conjunction with the first, and with all other parts of the indicator. If you want to read why I changed what I did I would suggest checking the update on my +DPO indicator because I don't feel like typing it out again; the reasoning is the same.
With the change in how I've approached the momentum issue between the two different ADP's and the median, I've removed the background stripes from the ADP+ADP cross (they were not very useful) and added background stripes for ADP median crosses as this is a MUCH more useful feature.
I also got rid of the Bollinger Bands fill as my implementation of dual bands with a fill between them does a much neater job of what filling from the bottom to the top plot did.
That's all! Thanks! And happy trading!
increased default length of secondary ADP to 55 from 34 as I think it's a better period for longer periods momentum bias
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.