UnknownUnicorn508364

Bollinger Imbalance Oscillator

The Bollinger Imbalance Oscillator is used for *mean reversion* purposes only.

It uses Double Bollinger deviation levels to determine each level of perceived imbalance.

When price start to revert to its mean after an imbalance, small char-type arrows appear to assist with direction.

This oscillator also includes a squeeze feature on the center-line, based on average %B width calculation: black-squeeze, silver-release.

***Caution: not for use on higher time frames... 1 min chart is preferred!
Release Notes: Added a line of code that keeps the oscillator centered at all times.
Grayed out the char arrows (but kept them in the script if you want to reactivate).
Added a signal line in place of the char arrows.
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?