OPEN-SOURCE SCRIPT
CCT Bollinger Band Oscillator
The CCT Bollinger Band Oscillator (CCTBO), developed by Steve Karnish of Cedar Creek Trading, reconfigures John Bollinger's classic Bollinger Bands (envelopes plotted at two Standard Deviations above and below a moving average) by drawing two parallel lines replacing the envelopes. The parallel lines represent a measurement of two Standard Deviations from the mean and are assigned a value of zero and 100 on the chart.
The indicator represents the price as it travels above and below the mean (50%) and outside the two standard deviations (zero and 100). Penetration of the upper band represents overbought conditions while penetration of the lower band signifies oversold conditions. Usage of the CCT Bollinger Band Oscillator to identify 'failure swings' and 'divergences' can lead to significant reversals.
List of my other indicators:
- Chart: tradingview.com/v/4IneGo8h/
- GDoc: docs.google.com/document/d/15AGCufJZ8CIUvwFJ9W-IKns88gkWOKBCvByMEvm5MLo/edit?usp=sharing
The indicator represents the price as it travels above and below the mean (50%) and outside the two standard deviations (zero and 100). Penetration of the upper band represents overbought conditions while penetration of the lower band signifies oversold conditions. Usage of the CCT Bollinger Band Oscillator to identify 'failure swings' and 'divergences' can lead to significant reversals.
List of my other indicators:
- Chart: tradingview.com/v/4IneGo8h/
- GDoc: docs.google.com/document/d/15AGCufJZ8CIUvwFJ9W-IKns88gkWOKBCvByMEvm5MLo/edit?usp=sharing
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.
List of my free indicators: bit.ly/1LQaPK8
List of my indicators at Appstore: blog.tradingview.com/?p=970
List of my indicators at Appstore: blog.tradingview.com/?p=970
Disclaimer
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