Kay_BBands — Indicator by trading.kay27

supportandresistance bollingerbands parallelchannel

All right people... !!
Here is one more crazy stupid experiment by me while boosing. I call it..... Well Bollinger Bands for now..
If you like it and find it useful, give me suggestions, we can name it.

Its was just an idea of removing unnecessary opposite bands (noise i say) and it turned out to be useful to me.
After finishing, I saw good locations of support and resistance levels building.
Just connect the flat lines it create.

See if that interests you...!! Please leave comments below even if you are not in mood.
Thanks..

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.

Disclaimer

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Want to use this script on a chart?

study(shorttitle="Kay_BB", title="Kay_BBands", overlay=true)
length = input(20, minval=1)
src = input(close, title="Source")
mult = input(2.0, minval=0.001, maxval=50)
basis = sma(src, length)
dev = mult * stdev(src, length)
isU = close > basis// and close > basis
//isBetween = (open > basis and close < basis) or (open < basis and close > basis)
isD = close < basis//open < basis and close < basis

upperB = basis + dev
lowerB = basis - dev

upper = isU and highest(close, length) == close ? upperB : upperB < fixnan(upper[1]) ? upperB : fixnan(upper[1])
lower = isD and lowest(close, length) == close ? lowerB : lowerB > fixnan(lower[1]) ? lowerB : fixnan(lower[1])

plot(basis, color=red, title="BB Basis")
p1 = plot(upper, color=black, title="BB Upper modified")
p2 = plot(lower, color=black, title="BB Lower modified")
fill(p1, p2, color=purple, transp=90, title="Modified")

p3 = plot(upperB, color=red, title="BB Upper")
p4 = plot(lowerB, color=red, title="BB Lower")
fill(p3, p4, color=red, transp=95, title="Background")