OPEN-SOURCE SCRIPT
Bollinger on Bollinger Oscillator
Updated
This study is a user-friendly workaround to the BBOE+ (attached at the bottom).
I applied Bollinger Bands on BB Oscillator which spend his time bouncing between +100 -100 levels both representing extremes market conditions. You can use it to spot reliable entries/exits opportunities.
During an uptrend when the oscillator tends to -100 and the lower BB turn up you should consider a BUY. Do the same thing when the oscillator pushes under the lower BB nearby the Zero Line.
Make the opposite during a downtrend.
Also look for divergencies that occurs nearby the borders and BB squeezes too.
You can vary both the lenght for the Oscillator and BB.
Use “Upper Multiplier” and “Lower Multiplier” to set two different StDev from the basis (if you need).
You may also consider to apply an offset to the BB.
Is up to you to match the configuration that better-fits your market and time frame.
Default settings could well fits this IXIC 4H Chart.
So that this is basically a price-based indicator you would better consider to pair it with a volume-based or an absolute-momentum-based one.
SHARING IS INTENDED FOR EDUCATIONAL PURPOSE ONLY. NOT FOR PROFESSIONAL USE.
WILL APPRECIATE ANY FEEDBACK, QUESTION, SUGGESTION. (*)
(*) Please don’t ask me for “magic-setting” that do not exit, nor for “kaleidoscopic effects” cause I’m a big fan of such a minimalistic yet profession layouts.
FOLLOW UP TO CHECK UPDATES!
I applied Bollinger Bands on BB Oscillator which spend his time bouncing between +100 -100 levels both representing extremes market conditions. You can use it to spot reliable entries/exits opportunities.
During an uptrend when the oscillator tends to -100 and the lower BB turn up you should consider a BUY. Do the same thing when the oscillator pushes under the lower BB nearby the Zero Line.
Make the opposite during a downtrend.
Also look for divergencies that occurs nearby the borders and BB squeezes too.
You can vary both the lenght for the Oscillator and BB.
Use “Upper Multiplier” and “Lower Multiplier” to set two different StDev from the basis (if you need).
You may also consider to apply an offset to the BB.
Is up to you to match the configuration that better-fits your market and time frame.
Default settings could well fits this IXIC 4H Chart.
So that this is basically a price-based indicator you would better consider to pair it with a volume-based or an absolute-momentum-based one.
SHARING IS INTENDED FOR EDUCATIONAL PURPOSE ONLY. NOT FOR PROFESSIONAL USE.
WILL APPRECIATE ANY FEEDBACK, QUESTION, SUGGESTION. (*)
(*) Please don’t ask me for “magic-setting” that do not exit, nor for “kaleidoscopic effects” cause I’m a big fan of such a minimalistic yet profession layouts.
FOLLOW UP TO CHECK UPDATES!
Release Notes
Fixed a bug in BB calculation. Never forget the rockstar here is the Oscillator, that itself bounces between two bands and a basis. Get confident with it!
Though applying BB on it could help spotting more reliable setups, always check price action and look for divergencies.
What works well today maybe won’t tomorrow, so you must keep playing whit settings that fits your needs.
Last but not least consider that when a band steps too much away from +100 -100 levels it wouldn't be a reliable setup.
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 publication is governed by House rules. You can favorite it to use it on a chart.
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