Breakout Band v1.0

This indicator uses a custom source to define a point of relativity to which regions are based off to aid in technical analysis.

Breakout Band's use is:
- Monitoring trends
- Defining trends
- Defining areas of consolidation
- Trend support / resistance levels
- Aid in technical analysis

However, the band provides information different to that of an EMA, as they are not created from the same source, ref Fig 1.

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Fig 1

• Breakout Band compared to an EMA, both with a length setting of 20.
  

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The primary band uses your charts timeframe to plot the band. This can be useful for more immediate information, ref Fig 2.

Fig 2

• BTC on a 15m chart with Breakout Band's Chart Timeframe option.
  

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There is also a functionality for a higher timeframe band to be plotted ( currently limited to 4 higher timeframes ) which can help to view higher timeframe moves with lower timeframe information, ref Fig 3. The higher timeframe band has an added smoothing effect.

Fig 3.

• The same chart as referenced in Fig 2., while using Breakout Bands HTF option ( 60m band ).
  

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USING BREAKOUT BAND

The band provides potential areas of consolidation, as seen in Fig 4., and when price action falls outside of the band, it can be considered trending.

Fig 4.

• Defining areas of consolidation, trends, and monitor trends with Breakout Band.
  

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Different zones are given different colors. The closer to the middle of the band, the higher chance of reactivity. Meaning, there is a greater chance that price will have a reaction within this zone. Whether that be trend continuation or a break of structure, showing signs of weakness of a trend, ref Fig 5.

Fig 5.

• Breakout Bands reactivity region showing an area of potential resistance, which price action enters, then the trend continues.
  

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NOTE : The same principles apply if you're using the HTF band for monitoring HTF trends.

I hope you enjoy the Breakout Band. Should you encounter any issues or have any suggestions for improving this indicator, let me know.
Any and all feedback is appreciated.

Versionshinweise:

New Changes:

• Added an EMA function. Allowing users to use in conjunction with the Breakout Band.
  
• Added a table showing the RSI value across multiple timeframes. This function was added to help analyze the nature of price action once it has entered into the reactivity region.
  
• Cleaned code
  

Versionshinweise:

• - Added HTF EMA
  
• - Added source option and custom sources for the EMA's
  
• → Close
  
• → Ashi Close ( uses the close of heikin ashi bars for the source of the EMA )
  
• → Custom ( an average of all sources from normal & heikin ashi bars )
  
• - Improved UX