Green Up Arrow (▲): Indicates increasing volatility with a positive value. Red Down Arrow (▼): Indicates decreasing volatility with a negative value. Labels with Arrows:
label.new is used to create arrows with the label.style_label_up or label.style_label_down styles. The numerical value of the volatility is displayed beside the arrow using str.tostring. Label Position:
For increasing volatility, the green arrow is placed near the high of the candle. For decreasing volatility, the red arrow is placed near the low of the candle. Text Format:
Includes the arrow symbol and the volatility value (formatted to 4 decimal places). How It Works: You’ll see green upward arrows for increasing volatility and red downward arrows for decreasing volatility. Each arrow includes the exact value of the Bollinger Bands width at that moment.
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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