Weighted stdev/BB — Indicator by rumpypumpydumpy

Bollinger Bands (BB) Standard Deviation (Volatility)

The basis/mean is the equivalent to the pine built in function wma(). It assigns greater weighting to recent data points and less weighting on past data points. The weighted moving average is calculated by multiplying each observation in the data set by a predetermined weighting factor.

Similarly the stdev is calculated using the same weighting factors where recent deviations are given greater weight than past deviations.

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.

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