BBVV Low Indicator

This is an indicator that flags the lowest Bollinger Bands Width value for a set number of bars back.

This is based on my BBVV script seen here

Each dot on the BBVV indicator marks the rolling "X"-period low in BBVV value. You can set "X" as any number of bars back in the settings of this indicator.

This can be used to accurately predict when periods of high-volatility could come into play due to continually contracting Bollinger Bands on a time-frame that you can set manually.


Created from a request from a user.

Release Notes:

I changed how to see the "x"-bar low signal by changing the color of the BBVV chart to red when there is decreasing volatility (AKA lowest volatility in "x" amount of bars) and green when there is increasing volatility.

I mainly changed this because the little "dots" from before were not being anchored to the BBVV indicator so you couldn't see them when you zoomed out.

HOW TO USE:

• Watch the indicator and when in increasing volatility (widening Bollinger Bands) the chart will be green.
  
• Once the color flips to red, the width of the Bollinger Bands are at the lowest point in X-amount of bars (X can be whatever you set in the "Number of Bars Back" setting)