Chande paraBAND

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Core Concept

The paraBand indicator combines the strength of two contradictory trading strategies: trend-following with band breakouts, and counter-trend/swing trading with the parabolic SAR. This indicator integrates parabolic accelerating exits with smooth band breakouts and comes with ten preset exit speeds. The bands help avoid the whipsaws suffered by the Parabolic SAR strategy in trading ranges. The SAR-inspired exits help to capture greater trading profits from band breakout strategy.

Variables You Can Set

A description of the input variables:
UB Multiplier: Upper Band (UB) multiplier (Range: -6 to 12) sets the location of the upper band
LB Multiplier: Lower Band (LB) Multiplier (Range: 0-12) sets the location of the lower band
LX Speed: Long Exit (LX) speed (Range: 1-5; 1=slowest, 5=fastest)
SX Speed: Short Exit (SX) speed (Range: 1-5; 1=slowest, 5=fastest)
Plot LX?: switch to turn on/off plotting of Long Exit (LX) for a cleaner look
Plot SX?: switch to turn on/off plotting of Short Exit (SX) for a cleaner look
You can set colors for various plots and fills.

Usage

A long-entry can be considered when prices are in the green region. A short-entry can be considered when prices are in the red region. The speed of the trailing exits can be set to suit your preference. It can be used to backtest in the TrendSpider platform.

The indicator can be used on any charting period for any symbol. It can also be used with light or dark scheme.

Explaining the Intuition

Please refer to the following video:

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