Chande paraBand+

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Core Concept

The paraBand+ indicator is a companion to the TC paraBand indicator for TrendSpider.

The paraBand+ can have infinitely many exit speeds versus a maximum of ten for the paraBand indicator.

Otherwise, the two indicators behave similarly.

Explaining the Intuition

Please use the following video link: https://youtu.be/rwqbN0Gv4Ek

The paraBand indicator video link is here: https://youtu.be/-_SmUHPi5JA

Variables You can Set

A description of the input variables:
UB Multiplier: Upper Band (UB) multiplier (Range: -6 to 12)
LB Multiplier: Lower Band (LB) Multiplier (Range: 0-12)
LX Max Step: Long exit maximum step size (range: 0 to 0.6; default = 0.2)
LX_Ramp Length: Number of days to ramp up to maximum step size (range: 10-500; default = 100)
SX_Max Step: Short exit maximum step size (range: 0 to 0.6; default = 0.2)
SX_Ramp Length: Number of days to ramp up to maximum step size (range: 10-500; default = 100)
Paint Long?: switch to turn on/off plotting of painting of long-side breakout fill (0=off, 1=on)
Paint Short?: switch to turn on/off plotting of painting of short-side breakout fill (0=off, 1=on)
Plot LX?: switch to turn on/off plotting of Short Exit (SX) for a cleaner look (0=off, 1=on)
Plot SX?: switch to turn on/off plotting of Short Exit (SX) for a cleaner look (0=off, 1=on)

You can set colors for various plots and fills.

Usage

A long-entry can be considered above the upper band.

A short-entry can be considered below the lower band.

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 a light or a dark color scheme.

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