The Moving Average "Band" is creating using Moving Averages ( / ) with High and Low as sources. The combination of the MA(Close), MA(High), MA(Low), creates a "Band" for each MA length - which we have found to be very helpful in our Moving Average studies.
The example in the chart above is EURUSD with 20SMA (with Bands), 55EMA (without Bands), 200EMA (with Bands). As you can see, the Bands do a better job than MAs alone for capturing price movement and acting as larger dynamic zones.
Everything in this indicator is fully customizable, from which MAs to show, to those MA lengths, whether to use / for each individual MA, and whether to display the MA "Band" for each individual MA.
We hope you find it as useful as we have!