Definition
The Volatility Expansion strategy creates a channel based on the average True Range for the last X bars, multiplied by a factor. Both the average's length and the factor can be changed in the indicator's settings. The channel is created by adding and subtracting the resulting value from the close. If the current bar's price is greater than the upper band from the previous bar, a long order is created. If the current bar's price is lower than the lower band from the previous bar, a short is opened.
Summary
The Volatility Expansion strategy is a more sophisticated way to examine an asset for either a breakout, breakdown or sudden surge in price action. The strategy examines the True Range of a symbol, creates a channel using that range, and then enters long or short depending on how the price moves once that range has been created.   If the current bar's price is greater than the upper band from the previous bar, a long order is created. If the current bar's price is lower than the lower band from the previous bar, a short is opened.