keltnerchannels are volatility-based bands that are placed on either side of an asset’s price and can aid in determining the direction of a trend.
The exponential moving average (EMA) of a Keltner Channel is typically 20 periods, although this can be adjusted if desired.( Default is 50 here..)
In the Classic Keltner Channels The upper and lower bands are typically set two times the average true range (ATR) above and below the EMA, although the multiplier can also be adjusted based on personal preference. But in this indicator, Bands calculated with only True Range, It means a kind of range breakout system.
Price reaching the upper Keltner Channel band is bullish, while reaching the lower band is bearish.
The angle of the Keltner Channel also aids in identifying the trend direction.
You can switch medium bands ema periods and true range bar count seperatly.
