The script calculates the Bollinger Bands for a given input parameters by taking the length of the moving average and the number of standard deviations to use for the upper and lower bands. It then calculates the Bollinger Bands using these input parameters.
The script defines two functions: get_bb_percent() and get_bb_width(). The get_bb_percent() function calculates the percentage distance between the closing price and the lower band, as a percentage of the total distance between the upper and lower bands. This value is commonly referred to as the "Bollinger Band Percent". The get_bb_width() function calculates the percentage distance between the upper and lower bands, as a percentage of the basis line. This value is commonly referred to as the "Bollinger Band Width".
The script creates a table at the middle right of the chart, where the Bollinger Band Percent and Width values are displayed. The table is designed with two rows, one for the Bollinger Band Percent value and the other for the Bollinger Band Width value.
The script plots the three Bollinger Bands lines on the chart. The basis line is plotted in blue, the upper band line in red, and the lower band line in green.
The script then plots the shapes that signify closures above and below the bands using plotshape. The shapes and colors are customizable in the settings menu.
This indicator is designed to have all three components and a visual aid to assist Bollinger Band technical analysis in one script which can be helpful in determining potential trading opportunities. We thank John Bollinger for his contribution to technical analysis and trading.
Please give feedback and modify to your liking.
-Updated the BB% table cell background to display green when % is above 50% and red when below 50%
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.