Brief description of "Dynamic Gaussian Channel" indicator

Purpose

The indicator builds dynamic support and resistance levels based on smoothed price data using Gaussian filter.

Key features

  • Three lines: resistance (DRAW_LINE), median (DRAW_LINE), support (DRAW_LINE).

  • Algorithm:

    • Applies Gaussian smoothing to high/low prices

    • Finds extrema for the specified period

    • Builds a channel based on the smoothed values

  • Customisable parameters:

    • Calculation period (InpPeriod)

    • Line colours and styles for each level

Working principle

  1. Initialisation: calculates Gaussian filter weights for smoothing

  2. Smoothing: applies the filter to high and low prices

  3. Definition of levels:

    • Resistance = maximum of smoothed high for the period

    • Support = minimum of smoothed low for the period

    • Median = average between support and resistance

Implementation Features

  • Uses indicator buffers for three levels

  • Gaussian filter with 5 bars window

  • Optimised recalculation of new bars only

  • Supports various timeframes

The indicator is useful for identifying dynamic support/resistance levels and defining price channels in the market.