OPEN-SOURCE SCRIPT
Bollinger Breaks and Cycles Indicator - JD
Updated
The BBC indicator shows price in relation to the upper (in red) and lower (in green) Bollinger Bands
It highlights breaks in the Bands, where the 0-line represents a price equal to the band.
These breaks can either be used as take-profit points or as entry points, depending on trend direction.
Entries can be at the beginning of a break (eg. for impulse or continuation moves)
or at the end (mostly for expected trend reversals)
To find the best setups, the BBC should be accompanied by other indicators (preferably ones that focus on different aspects)
The oscilating line in the middle indicates market cycles
JD.
#NotTradingAdvice #DYOR
It highlights breaks in the Bands, where the 0-line represents a price equal to the band.
These breaks can either be used as take-profit points or as entry points, depending on trend direction.
Entries can be at the beginning of a break (eg. for impulse or continuation moves)
or at the end (mostly for expected trend reversals)
To find the best setups, the BBC should be accompanied by other indicators (preferably ones that focus on different aspects)
The oscilating line in the middle indicates market cycles
JD.
#NotTradingAdvice #DYOR
Release Notes
The oscilating line in the middle indicates market cycles.This line bounces between the upper and lower break-lines.
If the cycle line breaks above or below the zone, this usually indicates a strong reversal.
addidtions to the latest version:
- the fill color is determined on general market direction
- dots on the cycle line show probable turning or take-profit points
- up or down triangles show bounce points and thus higher probability turning points
JD.
Release Notes
Added a timeframe multiplier to be able to quickly reference longer timeframes.In this example I've added the BBC indicator on the current TF,
and a second one on a 10x timeframe.
JD.
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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