Overall, it shows where the price has , when it's breaking through, and when its relatively low/high based on the magic of standard deviation.
created by gamazama. send me a shout if u find this useful, or if you create something cool with it.
%BB: The price's position in the boilinger band is converted to a range from 0-1. The midpoint is at 0.5
Description of parameters
"BB:Window Length" is the standard BB size of 20 candles.
The indicator plots up to 7 different %BB's on different timescales
They are calculated independently of the timescale you are viewing eg 12h, 3d, 30m will be the same output
You can enter 7 timescales, eg. if you want to plot a range of bbands of the 12h up to 3d graphs, enter values between 0.5 and 3 (days) - you can also select 0 to disable and use less timescales, or select hours or minutes
Take note if you eg. double the main multiplier to 40 , it is the same as doubling all your timescales
You can turn the transparency of the 7 x %BB's to 100 to hide them, their average is plotted as a thick cyan line
"Variance" is a measure of how much the 7 BB's agree, and changes colour based on the thresholds used for the strategy
---- TO START FROM SCRATCH ----
- set all except one to ZERO (0), set to 0, and everything after to 0.
Turn ON and right click -> move the indicator to a new pane - this will show you the internal workings of the indicator.
Then there is a few standard settings
"Source Smoothing Amount" applies a basic small on the price.
It should be turned down when viewing candles with less information, like 1D or more.
Standard BBands use an , there one uses a blend between or
Weight settings, the same as at 0, and the same as at 1
BB^2 is a bband drawn around the average %BB. Adjust the to change its window length
The BB^2 changes color when price moves up or down
Now its time to look at the parameters which affect the buy/sell signals
turn on "show signal range" - you see some red lines
buy and sell each have 4 settings
min/max variance will affect the brigtness of the signal range
range adjust will move the range up/down
mix BB^2 blends between a straight line (0) and BB^2's top or bottom (1)
a threshold of "variance" and "h/l points" is available to generate weaker signals.
these thresholds can be increased to show more weak signals
ONCE YOU ARE HAPPY WITH THE SIGNALS being generated, you can turn OFF , and move it back to the price pane
the indicator then draws a bband around the price to maps some info into the chart:
fills a colour between 0.5 & the mid BB^2 and converts relative to the price chart
draws a line in the middle of the midband.
controls how much these lines diverge from the price - adjust it to reduce noise
converts the signal range (red lines) to be relative to the price chart
if you like, you can adjust the sell & buy signals in the tab from and to and to match the picture. It messes with auto-scaling when moving back to though
enjoy, I hope that is easy enough to understand, still trying to make this more user-friendly.
If you want to send me some token of appreciation - btc: 33c2oiCW8Fnsy41Y8z2jAPzY8trnqr5cFu
I promise it will put a fat smile on my face
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.