Well, there's a couple of ways to go about this as you're aware. Let's take Bollinger Bands as a sample, which is a very similar concept (stddev of a moving average, upper = ma + dev, lower = ma - dev). We ended creating a class to calculate stddev efficiently and multiplying by the deviation to get the final output. So we really didn't take advantage of chaining and we didn't derive from an existing indicator implementation. The reason for this was mainly for speed. Chaining is mainly in place for the end user, not so much for the developer, although that doesn't stop you from using it. In your case, you may want to try reusing the existing SMA and ATR indicators in your indicator and see how it performs.
To implement START bands what is the best way to go about it?
A type of technical indicator that is created by plotting two bands around a short-term simple moving average (SMA) of an underlying asset's price. The upper band is created by adding a value of the average true range (ATR) - a popular indicator used by technical traders - to the moving average. The lower band is created by subtracting a value of the ATR from the SMA.
Upper STARC band = SMA + ATR*
Lower STARC band = SMA - ATR*
* The average true range (ATR) is generally multiplied by a user-specific multiplier factor before being added/subtracted from the SMA.
Most traders use a move toward the upper band to signal an increased probability that the price will pull back toward the moving average, and a move toward the lower band as a signal that the price may head back higher. Other traders believe a move beyond the bands signals an increase in momentum. STARC bands generally use a six-period moving average, and the average true range factor is usually multiplied by two before being added/subtracted from the SMA.
This indicator is similar in calculation and interpretation to Bollinger Bands.
STARC is an acronym for Stoller Average Range Channels. The indicator is named after its creator, Manning Stoller.
Would I use a user series or can I chain the band off a SMA?
An example would be useful thanks.