Hikaru Bands is a multi-timeframe volatility indicator designed to provide a view of market dynamics. It incorporates a Composite Volatility Index (UVI). This index is built from a customizable blend of up to ten different technical indicators, including momentum, trend, and risk metrics.

Core Concept & Calculation🚀

The script first calculates the values of up to ten different technical indicators, which you can enable or disable individually. These include RSI, CCI, Sharpe Ratio, Omega Ratio, Z-Score, Rate of Change (ROC), and more. Each selected indicator's output is then normalized into a percentile rank (a scale of 0-100) to ensure they can be compared and combined effectively. Finally, the normalized values are weighted and averaged to create a single Universal Volatility Index (UVI). A high UVI suggests strong bullish momentum and volatility/overbought, while a low UVI suggests strong bearish momentum/oversold.

It incorporates multiple color schemes and works on all timeframes when enough data is available.