This 4x Colour Trend/Range/Volatility/Calm indicator can be used to instantly gauge what kind of market conditions you are in. For example, before the Covid19 market rout in the £/$ you can already see the market was becoming very “skittish” from mid December onwards with lots of  red and blue areas which depict higher volatility. The trending colours are red for “Trending and Volatile” and light green for “Trending and Calm.” (Think of trends in terms of red and green as a mnemonic). The indicator is non directional but ALMA moving averages and a Zero Lag Bollinger Band has been constructed around price. The ranging  market regime is also split into volatile and calm, coloured in blue and aqua blue respectively, (again try thinking of a calm blue sea as a mnemonic for ranging conditions). Trending or ranging is determined by use of the Damiani Volatmeter to determine the signal to noise ratio, whilst volatility is determined by a percentile rank of the 22 day implied volatility (“Williams Vix Fix”) compared to 365 day highs and lows of implied volatility. Volatile is set at greater than 50% and calm at 50% or less. You can change these if you wish, perhaps only depicting markets that are very volatile and over 75% or even 95%. Good for options traders. I’ve left the effective ALMA Bull/Bear indicator in case you want to experiment with another way of determine a trend. Ditto with the Vix Fix for volatility. No indicator is perfect (feel free to play with the settings) but this does go someway to giving you a more statistically based summation of market conditions thanks to Vonasi’s Williams Vix Fix indicator and Bollinger Bands set at 2 standard deviations to capture 95% of the price distribution — if prices were to follow a normal distribution. They don’t as prices suffer from skew/trends caused by the vagaries of human emotions like fear and greed! “4x Colour Trend/Range/Volatility/Calm”

// Bard’s 4x Multicolour Trending/Ranging/Volatile/Calm Damiani
//10/05/2019 v3

//Template: 2x Colour Trend/Range Damiani
//P = 20 //bb20 period --- Add in VARIABLES
//Dev = 2.0 //std deviation factor --- Add in VARIABLES
//X = 90 //background alpha --- Add in VARIABLES

//TRENDS -- RED/GREEN
// 1 Trending and Volatile = RED (204,0,0)

// 2 Trending and Calm = LIGHT GREEN (255,153,255)

//RANGING OUT AT SEA -- BLUE'S
// 3 Ranging and Volatile = BLUE (0,128,255)

// 4 Ranging and Calm AQUA BLUE (0,0,255)

DEFPARAM CalculateOnLastBars = 2000

//=================================================================//
//ALMA
//=================================================================//
//VShortMA = 25
//ShortMA = 50
//MediumMA = 100
//LongMA = 200

Period = 25 //start with 50 periods
Series = customclose
FOR j = 1 TO 4
Sigma = 6
Offset = 0.85
m = ROUND(Offset * (Period - 1))
s = Period / Sigma
WtdSum = 0
CumWt = 0
FOR k = 0 TO Period - 1 DO
Wtd = EXP(-((k - m) * (k - m)) / (2 * s * s))
WtdSum = WtdSum + Wtd * Series[Period - 1 - k]
CumWt = CumWt + Wtd
NEXT
IF CumWt <= 0 THEN
AFR = Series
ELSE
AFR = WtdSum / CumWt
ENDIF

IF j = 1 THEN
VShortMA = AFR
ELSIF j = 2 THEN
ShortMA = AFR
ELSIF j = 3 THEN
MediumMA = AFR
ELSE
LongMA = AFR
ENDIF
Period = Period * 2 //doubles the periods
NEXT

//ALMAve25 = WtdSum / CumWt
//ALMAve25 = 0.5*AFR
//ALMA25 = 0.5*AFR

//Bull Market increase in Prices
//BullC1 = Close[0] > ShortMA
//BullC2 = Close[0] > MediumMA
//BullC3 = Close[0] > LongMA
//BullC4 = Close[0] >= (Close[200] * 1.2)

//Bear Market decrease in Prices
//BearC5 = Close[0] < ShortMA
//BearC6 = Close[0] < MediumMA
//BearC7 = Close[0] < LongMA
//BearC8 = Close[0] <= (Close[200] * 1.2)

//If BullC1 = 0 and BullC2 = 0 and BullC3 = 0 and BearC5 = -0 and BearC6 = -0 and BearC7 = -0 then
//NoBullorBear = 0
//Endif

//=================================================================//
// ZLJE - Zero Lag John Ehlers
//=================================================================//

// --- parameters
MAType = 0
Series = CustomClose
// Period = 15
// ---

IF MAType = 65 THEN

Period = MAX(Period, 2)

alpha = 2 / (1 + Period)
per = ROUND((Period - 1) / 2)

IF BarIndex < per THEN
AFR = Series
ELSE
AFR = AFR[1] + alpha * (2 * Series - Series[per] - AFR[1])
ENDIF
ENDIF

//=================================================================//
// ELASTIC WEIGHTED MOVING AVERAGE BOLLINGER // //Dev = 1.618
//=================================================================//
BollPERIODS = 20
Deviations = 2.57
PRICE = LOG(customclose)
alpha = 2/(BollPERIODS+1)

// EWMA (EMA)
if barindex < BollPERIODS then
EWMA = EXPONENTIALAVERAGE[3](PRICE)
else
EWMA = alpha * PRICE + (1-alpha)*EWMA
endif

// ELASTIC WEIGHTED STANDARD DEVIATION (ESD)
error = PRICE - EWMA
dev = SQUARE(error)
if barindex < BollPERIODS+1 then
var = dev
else
var = alpha * dev + (1-alpha) * var
endif
ESD = SQRT(var)

// BANDSSAverage[20](close)
// BANDS
UpperBoll = EXP(EWMA + (Deviations*ESD))
LowerBoll = EXP(EWMA - (Deviations*ESD))
MidBoll = EXP(EWMA)
//RETURN MID as "EWMA(EMA)", UB as "+ESD", BB as "-ESD"

//=================================================================//
//"Williams' VixFix IV R+P
//=================================================================//
//Implied Volatility Rank and Percentile Indicator — MARKET TOPS
//By Vonasi //Date 20191018

//NEED 1000 UNITS FOR AQUA BLUE PEAK OUTS

//Settings
HiLoPeriod = 365 //Highest/Lowest Period
IVperiod = 22 //IVperiod

//Inverse Vix Fix - Low IV Proxy
//MODIFIED LOW VOL

//Inverse Vix Fix - Low IV Proxy
//MODIFIED LOW VOL
//Correct but worse performing wvfinverse for spotting tops.
//wvf = ((high-lowest[IVperiod](close))/(lowest[IVperiod](close)))*100

//High Volatility Market Bottoms - Non Inverse Vix Fix
wvf = ((highest[IVperiod](close)-low)/(lowest[IVperiod](close)))*100

//Boundaries
upper = highest[HiLoPeriod](wvf)
lower = lowest[HiLoPeriod](wvf)

//wvflev = 100-((wvf-lower)/(upper-lower)*100) //Doesn't Show Low Vol Tops
wvflev = ((wvf-lower)/(upper-lower)*100)

//=================================================================//
//Implied Volatility Rank and Percentile Indicator — MARKET TOPS
//=================================================================//
//By Vonasi //Date 20191018

//NEED 1000 UNITS FOR AQUA BLUE PEAK OUTS

//Settings
HiLoPeriod = 365 //Highest/Lowest Period
IVperiod = 22 //IVperiod

//Inverse Vix Fix - Low IV Proxy
//MODIFIED LOW VOL

//Correct but worse performing wvfinverse. Not sure if it is worse performing:
//wvf = ((high-lowest[IVperiod](close))/(lowest[IVperiod](close)))*100

wvf = ((highest[IVperiod](close)-low)/(lowest[IVperiod](close)))*100

//Boundaries
upper = highest[HiLoPeriod](wvf)
lower = lowest[HiLoPeriod](wvf)

//wvflev = 100-((wvf-lower)/(upper-lower)*100) //Doesn't Show Low Vol Tops
wvflev = ((wvf-lower)/(upper-lower)*100)

//Percentile
rnkCount = 0
count = 0
FOR i = 1 to HiLoPeriod-1
count = count + 1
IF (wvflev[i]) > (wvflev) THEN
rnkCount = rnkCount + 1
endif
NEXT

PercentileRank = 100-(rnkCount/count)*100

//Historic Volatility
//HVLength = 22
//annualVol = 365
//periods = 7// 1 = intraday chart 7 = daily chart

//Returns = log(close / close[1])
//StdDev = std[HVLength](Returns)
//HVol = StdDev * sqrt(annualVol) * 100 //sqrt(annualVol / periods
//lowVol = lowest[annualvol](HVol)
//HVrankUp = HVol - lowVol
//maxVol = highest[annualvol](HVol)
//HVrankLow = maxVol - lowVol
//HVR = (HVrankUp / HVrankLow)*100

//=================================================================//
//PRC_Damiani Volatmeter | Indicator
//=================================================================//
//24.04.2017
//Nicolas @ www.prorealcode.com
//Sharing ProRealTime knowledge
//translated from MT4 indicator code

//---Damiani Volatmeter Settings
Viscosity=8 //8£/$ //9 //Default=7 //try 5, 2
Sedimentation=90 //90£/$ 60 //Default 50 //try 60
Thresholdlevel=1.2 //1.2£/$ 0.9 1.2 Default 1.1 -- higher values = more bars defined as ranging and aqua
lagsupressor=1 //boolean value (default=true)
MAtype=2 //MA type variable (2=Weighted average) //Default 2

if barindex>Sedimentation then
lagsK=0.5
sa = averagetruerange[Viscosity]
s1 = indc[1]
s3 = indc[3]
if lagsupressor then
vol=sa/averagetruerange[Sedimentation]+lagsK*(s1-s3)
else
vol=sa/averagetruerange[Sedimentation]
endif

MA1=average[Viscosity,MAtype](typicalprice)
D1=0
Sum1=0
for x1=0 to Viscosity-1 do
D1=square(typicalprice[x1]-MA1)
Sum1=Sum1+D1
anti=sqrt(Sum1/(x1+1))
next
MA2=average[Sedimentation,MAtype](typicalprice)
D2=0
Sum2=0
for x2=0 to Sedimentation-1 do
D2=square(typicalprice[x2]-MA2)
Sum2=Sum2+D2
Sedi=sqrt(Sum2/(x2+1))
next

antithres=anti/Sedi

t = Thresholdlevel
t=t-antithres

if(vol>t) then
volt=vol
else
volt=vol
endif

indc=vol
endif

//return volt coloured(0,200,0) style(line,2) as "volatility meter", t style(line,2) as "threshold level"

//=================================================================//
//Bollinger - Orig
//=================================================================//
//BollUp =Average[PeriodBoll](close)+dev*std[PeriodBoll](close)
//BollDown = Average[PeriodBoll](close)-dev*std[PeriodBoll](close)

//=================================================================//

//Conditions

//=================================================================//
// Trending and Volatile
//=================================================================//

// 1 Trending and Volatile = RED (255,0,0)

//ALMA BULL/BEAR
//BullC0 = Close[0] > VShortMA
//BullC1 = Close[0] > ShortMA
////BullC2 = Close[0] > MediumMA
////BullC3 = Close[0] > LongMA

//VixFix1 = (wvflev > 50)

PercRankTV = PercentileRank > 50

If Volt > t and PercRankTV then
Indicator = close //Indicator =1
r=255
g=0
b=0
Endif

//=================================================================//
// Trending and Calm
//=================================================================//

// 2 Trending and Calm = LIGHT GREEN (255,153,255)

//ALMA BULL/BEAR
//BullC0 = Close[0] > VShortMA
//BullC1 = Close[0] > ShortMA
//BullC2 = Close[0] > MediumMA
//BullC3 = Close[0] > LongMA

//VixFix3 = (wvflev < 50)

PercRankTC = PercentileRank < 50

If Volt > t and PercRankTC then
Indicator = close //Indicator =1
r=153
g=255
b=153
Endif

//=================================================================//
// Ranging and Volatile
//=================================================================//

// 3 Ranging and Volatile = BLUE (0,128,255)

PercRankRV = PercentileRank > 50

If Volt < t and PercRankRV then
Indicator = close //Indicator =1
r=0
g=128
b=255
Endif

//=================================================================//
// Ranging and Calm
//=================================================================//

// 4 Ranging and Calm AQUA BLUE (0,0,255)

PercRankRC = PercentileRank < 50

If Volt < t and PercRankRC then
Indicator = close //Indicator =1
r=102
g=255
b=255
Endif

//=================================================================//

max1=UpperBoll
min1=LowerBoll
DRAWCANDLE(max1, min1, max1, min1)coloured(R,G,B,x)

RETURN VShortMA coloured (204,0,204,255) style (dottedline,2) as "ALMA 25", ShortMA coloured (255,153,51,255) style (dottedline,2) as "ALMA 50", MediumMA coloured (204,0,51,255) style (dottedline,2) as "ALMA 100", LongMA coloured (153,102,255,255) style (dottedline,2) as "ALMA 200", UpperBoll style(dottedline) as "BollUp", LowerBoll style(dottedline) as "BollDown", MidBoll style(dottedline) as "MidBoll", indicator style(dottedline) as "8x Multicolour Market States",0

//RETURN HVR coloured(102,179,255) style (line,3) as "Historic Volatility Rank"