Moving Average Channels

[jdn717]

This is my first post on this forum so please bear with me if this is a newb question. I am wanting to create/obtain a thinkscript based indicator that plots 2 identical moving averages spaced apart by a number based on the right axis. The "upperMovingAverage" would reflect the correct MA values, whereas the lower would be "upperMovingAverage - x", where x is a number/price from the right axis. The result would be two moving averages moving in sync, yet separated by a setting variable. Hope this makes sense. Id like to know how I would get started or what functions would be required. Or, if someone could whip it up that would be nice too.

PS, the reason Im doing this is to plot two 377 day (252 trading days per year + a half year) moving averages in parallel on the PCALL. If you plot one you'll see that the 377 shows us the market extreme at .6. I want to see the same MA plotted so it aligns with lower extreme. Which the market appears to be defining as .4.

Thanks!

 

[Pensar]

@jdn717 Based on what you have defined in your post, I've simply taken the 377-day SMA and subtracted the difference between .6 and .4. you can use it as a template and adjust the subtracted value to whichever you prefer.

plot line1 = average(close,377);
plot line2 = line1 - .2;

Just a thought, given that you want the values to be at .6 and .4 - why not plot straight lines?

plot x = 0.6;
plot xx = 0.4;

 

[jdn717]

Thanks, that helped and I figured it out. I put a .3 offset instead. The reason I dont use a flat line is because the threshold seem to change over time. A year or so ago the threshold was .8, now it seems to be .6 and .3