Candle Range Envelop indicator displays candle length, average length for a period and two envelopes forming minimum and maximum values channel as a color histogram.
It has eight adjustable parameters:
Range period – averaging range period
Signal period – signal (central) line period
Deviation period – deviation calculation period for calculating the channel
Deviation multiplier – channel width
Percent top envelope – upper envelope deviation percentage
Percentage – percentage of the deviation set in the Percent top envelope and Percent bottom envelope parameters
Price method – candle length calculation method
High/Low – size of a candle with wicks
Open/Close – candle body size
Histogram columns corresponding to candles, the size of which is within the channel, are colored gray.
Histogram columns corresponding to candles, the size of which exceeds the upper channel envelope, are colored green.
Histogram columns corresponding to candles, the size of which is less than the lower channel envelope, are colored red.
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