Best Bollinger BandsRemoving the Simple Moving Average and replacing it with the Hull Moving Average (HMA) in the Bollinger Bands (BB), you can not only predict support, resistance, and price movement, but you can also leverage the value of the BB in evaluating when price is over extended in an up and/or down trend.
Bollinger Bands (BB)
[KL] Relative Volume StrategyThis strategy will Long when:
Confirmation #1: when volume is relatively high
Confirmation #2: during periods of price consolidation (See )
It exits when either (a) stop loss limit is reached, or when (b) price actions suggest trend is bearish.
Measuring price volatility to assume consolidation:
For each candlestick, we quantify price volatility by referring to the value of standard deviations (2x) of closing prices over a look-back period of 20 candles. This is exactly what the Bollinger Band (“BOLL”) indicates by default.
Knowing the value of standard deviation (2x) of prices (aka the width of lower/upper BOLL bands), we then compare it with ATR (x2) over a user-defined length (can be configured in settings). Volatility is considered to be low, relatively, when the standard deviation (x2) of prices is less than ATR (2x).
[jav] Mountain Oscillator
Introducing the Mountain Oscillator. Why not trading while admiring the scenery?
The main oscillator line is the black silhouette of the mountains, and each element of the landscape can be seen as a support or resistance - even the mountains far in the horizon, the misty band in the middle and the -1, 0 and 1 lines. (Well, almost every element... the sun is just for fun).
Equalling the heights of the mountains that are far away, or reaching the snow zone, are possible signs of an uptrend ending. On the other hand, stepping into a river is a clear sign of a reversal to the upside soon.
Strong uptrends are evidenced by significant portions of the mountain above the misty zone and/or the 0 line.
By default, the sky turns red/blue/dark gray depending on the trading hours. This option can be unchecked.
Calculations and usage :
The script is based on a modified version of Bollinger Bands. Bandwidth is calculated quite differently from the usual Bollinger indicator (not with the built-in stdev function). There is no need to input a multiplier factor, such as that used in BB - the script calculates it from 'Length' using a custom formula.
The 3 user inputs 'Length' ares recommended to be kept at 200, 100 and 50 period. In that way, the misty area in the landscape corresponds to price crossing EMAs of 50 and 100, and the zero line to EMA 200.
The different colors of the mountain and the horizon represent the Bollinger Bands corresponding to the mentioned periods of 50 and 100, whereas limits of -1 and +1 are those from the 'Length' parameter.
You will find that my coding skills are rudimentary, so any comment/suggestion to improve the script is welcome.
Credits
@everget for the 'Fancy Shapes' script which was used as a reference to draw the sun.
Newton theory (Bollinger Band Breakout)Initial capital 1000 USD
Order size 10%
Commission 0.3% with slippage
Timeframe 4h
This is Simple Bollinger Band Trend find out strategy.
I'm using the usual trailing offset as an exit for this strategy.
using 1x leverage to go long short within 3years backtest result more then 200% for all usd pair.
in next version i will try to find out more optimize sma,std,sl,tp parameter by using freqtrade hyperparameter optimization.
Happy Trading :)
Uber Dank CCI + Captain Beefheart Bollinger Bands ExtraordinareIntroducing, the Uber Dank CCI + Captain Beefheart Bollinger Bands Extraordinaire
Its bollinger bands, CCI and CCI Bollinger Bands all in one.
The color of the CCI shows the condition of the bollinger band on chart.
Close > upper band = red
Close > basis = yellow
Close < basis = blue
Close < lower band = green
Then a bollinger band is printed on the CCI itself,
The background color displays the condition of the CCI bollinger band by the same logic as the CCI color.
CCI > upper band = red
CCI > basis = yellow
CCI < basis = blue
CCI < lower band = green
The exclamation marks tell you when the conditions are coming to an end. They check the last two bars to see if both the CCI and the closing price are under their bollinger bands at the same time for at least one of those bars, and they check the current bar that at least one of those conditions has ended. That is why they will most often print two exclamation marks in a row.
Zig Lines with Percent & ValueOverview, Features, and Usage:
The Zig Lines with Percent & Value is an indicator that highlights the highest and lowest points of the market from pivot points and zigzag lines based on the ZigZag Period setting. By a default value of 13 for the ZigZag Period this works well on Bitcoin or other alt coins on the 1 hour or higher timeframe charts.
What makes this indicator unique is that it draws a green line to signify an uptrend or a red line to signify a down trend. It will also show the percent difference between the previous point/line, for example: If you see a -negative percentage point with a red line drawn to it, then you are looking at a low pivot point and then as the green line is drawn to a +positive percentage value the percentage you see is the difference between the two points. This is great to see a trend reversal as you can look at previous pivot points and notice about how far the price moves before it changes direction (trend reversal).
There is an invisible EMA line that is used to assist with coloring the negative vs positive values. The value above or below the percentage is the lowest or highest price at that pivot point . The display of the price at the pivot point depends on your ZigZag Period setting and the timeframe of your chart.
Added Bollinger Bands as it fits perfectly with the visuals of the Zig Lines & Pivots.
Usage of Bollinger Bands:
~As the price or candle gets close to the top or bottom of the Bollinger band it can give you a better confirmation that the pivot location is at it's final place, and the trend is more likely to switch directions.
It’s important to know this indicator should not be used for alerts of any type it does repaint as the green or red line is drawing based on live chart data and it can change depending on the direction of the market. This is a great visual tool for trend analysis or to be used with other indicators as a confirmation for a possible good entry or exit position.
Credits ( and consent to use ):
Credits go to user LonesomeTheBlue for creation of this 'Double Zig Zag with HHLL' script.
The addition of the Value above/below the Percentages is from user Noldo and that script is found here:
The Bollinger Bands setup was suggested by user countseven12 and his script that uses the same BB setup is found here:
References:
1. Chen, James. (2021 March 15). Zig Zag Indicator . Received from http: www.investopedia.com
2. Mitchell, Cory. (2021 April 30). Pivot Points . Received from http: www.investopedia.com
Tradingview ToolkitA new trader's biggest barrier to entry is lack of understanding where they are in terms of time and price and with tradingview free they are often limited to just 1 or 2 extra indicators as many new traders slap on RSI and MACD as 2/3 free ones. While these indicators are fine for trend analysis, its important to know where the price is in relation to time. Thus, this all-in-one script is meant to have a lot of customizable utility to save on indicator spots and act as a hotspot for many common needs.
-2 Sets of VWAP line w/ standard deviation bands with customizable timeframes.
-1 more customizable timeframe VWAP line (no std dev bands) to use as a long time frame reference
-Ability to plot previous VWAP close prices over current timeframe on all VWAP lines w/ basic color changing if price closes above/below
-2 Sets of Bollinger Bands with customizable source length and MA type
-3 customizable moving averages with custom timeframe/resolutions
-Inside candle barcolor repainter to easily notice if a candle was inside the range of the previous candle (price contraction)
Not meant to have everything on at once, but simply a place to enable and disable different things and save spots for more important things
[EURUSD60] BB Expansion StrategyOverview
This is a strategy that can be used in the EURUSD 60 time frame.
It is a trend-following method that uses Bollinger Bands Expansions.
The idea of using Bollinger Bands expansion is well known to the general public, but I don’t know any strategy that this idea has been PINE coded.
The three main components of this strategy are as follows.
・Long term BB and Short term BB : When the short term BB expands more than the long term BB, it suggests the occurrence of a trend.
・14EMA of 240 t/f : The direction of 14EMA of the upper time frame is used as the trend direction.
・ATR lines : As a stop-loss line and a take-profit line.
Description
Fig. Long entry pattern
Fig. Short entry pattern
・Description of lines
Gray : Large BB (=Long term BB)
White : Small BB (=Short term BB)
Blue or Red line : Upper t/f EMA(default: 14EMA), blue is up-trend, red is down-trend
Yellow : Stop loss line by ATR(the term is 14)
Purple : Take profit line by ATR(the term is 14)
・Description of strategy
First of all, when the small BB expands more than the large BB, this strategy detects the occurrence of a trend.
Second, When the price crosses over or crosses under small BB basis, this strategy entries long or short to trend direction (by upper time frame 14EMA).
The default stop-loss range is three times ATR value, and the default take-profit target is 1.5 times the stop-loss range (=risk reward ratio is 1.5).
Simple Bollinger Bands + 3 EMAWe know that the number of indicators that we can use is limited, that is why with this indicator the Bollinger Bands + 3 EMAs join and be able to use 4 indicators in 1.
Bollinger Bands (BB)
Bollinger Bands (BB) are a widely popular technical analysis instrument created by John Bollinger in the early 1980’s. Bollinger Bands consist of a band of three lines which are plotted in relation to security prices. The line in the middle is usually a Simple Moving Average (SMA) set to a period of 20 days (the type of trend line and period can be changed by the trader; however a 20 day moving average is by far the most popular). The SMA then serves as a base for the Upper and Lower Bands which are used as a way to measure volatility by observing the relationship between the Bands and price. Typically the Upper and Lower Bands are set to two standard deviations away from the SMA (The Middle Line); however the number of standard deviations can also be adjusted by the trader.
Exponential Moving Average (EMA)
Moving averages visualize the average price of a financial instrument over a specified period of time. However, there are a few different types of moving averages. They typically differ in the way that different data points are weighted or given significance. An Exponential Moving Average (EMA) is very similar to (and is a type of) a weighted moving average. The major difference with the EMA is that old data points never leave the average. To clarify, old data points retain a multiplier (albeit declining to almost nothing) even if they are outside of the selected data series length.
The 3 EMAs that the Script has, are configured as follows:
Fast EMA (purple) 10 periods.
Slow EMA (blue) 55 periods.
Big EMA (olive) 200 periods.
However, you can configure each one with the color and the number of periods you want.
There are other indicators in the Public Library that have similar functions to this Script, but they all do it in a more complex and less friendly way when configuring it, for this reason we wanted to keep this Script as simple as possible.
Advance AMA with Sylvain BandsMany traders believe that the moving averages are favorite tools and analysts have spent decades trying to improve moving averages partiularly the simple moving average. One way to address the disadvantages of moving averages is to multiply the weighting factor by a volatility ratio which is called Adaptive moving averages.
This indicator uses an special adaptive moving averages which is developed by John Ehlers. The model adapts to price movement “based on the rate change of phase as measured by the Hilbert Transform Discriminator”. This method of adaptation features a fast and a slow moving average so that the composite moving average swiftly responds to price changes and holds the average value until the next bars close. In addition, the smoothed Volatility Bands were created by Sylvain Vervoort is included.
HARSI - HeikinAshi RSI (with Bollinger Bands)This is my first published script. I hope it might be useful!
This is a modified RSI that attempts to give smoother values. It takes 4 different input lengths and plots them in a similar way as Heikin-Ashi candles does.
It can be used in the same way as a regular RSI.
It also includes Bollinger Bands that might help identify overbought/oversold situations.
The script uses a slightly modified Allanster's 'Heikin Ashi source function' (many thanks for that very useful script!).
Bollinger Bands + Volume (Version.1)Bollinger Bands + Volume (Version.1)
This is just version 1, "version 2 ,version 3,version 4" are coming, which are better than this version.
- This indicator used the volume with Bollinger Bands.
- This indicator generates BUY and SELL signals.
- Whenever price will touch the upper band and if the buying volume is low and the selling volume is high Then it will give SELL signal.
AND
- Whenever price will touch the lower band and if the selling volume is low and the buying volume is high Then it will give BUY signal.
Hull MA with BB (With Alerts)This is a combination of the standard Bollinger bands with a VWAP(Pink line), and the 'Hull Trend with Kahlman' script by user capissimo, and the NMA (Moving Average 3.0 (3rd Generation)) script by everget.
You can find the original scripts here:
This indicator gives you several confirmations of a good entry and exit positions for Crypto currency like bitcoin and most alt coins. I use this on a 15min, 30min, 1hour, and 4hour chart for best results.
How to use:
Entry Signals:
-A candle closes above the NMA (Yellow Step Line). AND
-You see a Long (text) flag. AND
-The candles are near the bottom of the Bollinger bands and heading upwards.
Exit Signals:
-Candles have passed below and closed below the NMA (Yellow Step Line). AND
-You see a Short (text) flag.
It's important to use these confirmations with other indicators so you have the best entry/exit positions, and make sure you are on normal candles and not HA or any other types.
There are alerts built in that you can setup for the Short and Long text flags that you see. These are generally good alerts to follow. I use the alerts as a reminder to check the charts and see if my other indicators line up for a good trade.
Easy Entry/Exit Trend Colors (With Alerts)This is an updated version of user Algokid's script called 'AK MACD BB INDICATOR V 1.00'. You can find that original script here:
I added many alerts along with the Bullish and Bearish alerts when the MACD crosses over the Upperband or crosses down on the Lowerband.
I personally use this indicator with Crypto charts (Bitcoin on a 15min, 1hour, and 4 hour timeframe) as one of many confirmations that it's a good time to enter a trade. This script was made to be easy to follow with the colors of GREEN triangles being a good uptrend or entry confirmation, and RED being a confirmation to sell/short or exit your trade.
It's important to use this indicator in combination with other indicators that can give you more confirmations to enter or exit a trade, and make sure you are on normal candles and not HA or any other candles as you can get wildly inaccurate results.
This script also has the Death & Golden crosses, which is the slow and fast moving averages crossing over each other. I don't use this as an additional confirmation, it's just nice to know where the cross happens.
Bollinger Band + RSI + ADX + MACD + HeikinashiThis script takes into picture Bollinger Bands, RSI with a comparator value, ADX with a comparator value, and MACD with Heikinashi Direction
THIS IS A LONG-ONLY STRATEGY. SHORT TRADES ARE NOT INCLUDED
Strategy:
The Strategy takes a trade only after ALL the following conditions are met.
Candle low is lower than the Bollinger Lower band
RSI is higher than the comparator value
ADX is higher than the comparator value
MACD value is higher than the Signal value
Stop Loss : Max of (Low of the candle - 0.22% and Close of the candle - 0.32%) - FYI, because its max, it's lower of the 2 and your risk is lesser
Target : Max of (Bollinger Band Upper band and 0.75% of the value of underlying) - FYI, it takes the maximum available
Triple Bb* Triple Bb display maximum 3 Bollinger Bands and each bands could be easily adjust.
* Each Bands Adjustable:
1. Source
2. Period
3. Standard Deviation
4. Color
5. Width
6. Show / Not Show
Smoothed Volatility Bands [CC]The Smoothed Volatility Bands were created by Sylvain Vervoort (Stocks and Commodities Sep 2020 pg 19) and this is a heavily customized version of regular Bollinger Bands that take volatility into account. Feel free to change the moving average since Vervoort recommended trying that out. Buy when the indicator line turns green and sell when it turns red.
Let me know if there are any other indicators you want me to publish!
Value RangeHere is another attempt to chase value based on technical analysis.
This is extended version of PE range script published earlier.
Instead of just PE, this script contains several other factors which defines value. You can chose which factor to look at from input dialog:
Possible value factors included in this script are:
Price to Earnings
Price to Sales
Price to Book
PE - Forwarding
PS - Forwarding
Price to Cashflow
Enterprise Value to EBITDA
Enterprise Value to Cashflow
Some of these can be added to chart directly from financials. But, the script also calculate range based on donchian channel or bollinger bands. Instead of short periods, we are looking for periods in terms of years. Rest of things remain same.
Alert for 3Commas Bollinger StrategyThis is just an alert for the 3Commas Bollinger Strategy written by tedwardd
Rate Of Change Bands [CC]The Rate Of Change Bands were created by Vitali Apirine (Stocks and Commodities March 2021 pg 14) and this indicator is a great method to not only check the momentum but also check the trend strength as well. I have color coded the lines so buy when the line turns green and sell when it turns red.
Let me know if there are any other indicators you want me to publish!
Multiple Timeframe Fib Bollinger Bands - can be used for 3commas*** This idea is based on Bollingers Bands Fibonacci ratios by Shizaru ()
** This will look less chaotic if you don't have all four time frames on at once! I left them on for the demo picture just to show them all simultaneously working.
This is the basis for most of my bot ideas - indicators from longer chart time frames laid over short time frame charts. What I mean by this is that I like the responsiveness of a 1m chart but indicators from a 1h or 4h chart. There are obviously downsides to doing this or everyone would do it, but I have consistently gotten top results using this method. This is a study, so not a strategy yet but you can use this with 3commas if you convert it to a strategy using band crossover/under points as buy and sell triggers.
That is super easy; just follow this excellent guide here which should work for this script:
kodify.net
It's not super hard if you know a little Pine but if you need help hit me up and we can figure something out.
This script by default has 15m, 30m, 1h and 4h settings that are configurable via the gear icon. You can enable or disable any time frame, change the color, etc. I will probably add accurate line labels, custom time frames and adjustable transparency soon.
It's advisable to use higher time frame indicator on a lower time frame chart, but not the other way around. I would use these indicators on a 1m chart but not a 1d chart, for example.
Have fun and I hope you get some use out of this! I use it for context more than bots but it is definitely possible to use it with both.
Bollinger Band Width PercentileIntroducing the Bollinger Band Width Percentile
Definitions :
Bollinger Band Width Percentile is derived from the Bollinger Band Width indicator.
It shows the percentage of bars over a specified lookback period that the Bollinger Band Width was less than the current Bollinger Band Width.
Bollinger Band Width is derived from the Bollinger Bands® indicator.
It quantitatively measures the width between the Upper and Lower Bands of the Bollinger Bands.
Bollinger Bands® is a volatility-based indicator.
It consists of three lines which are plotted in relation to a security's price.
The Middle Line is typically a Simple Moving Average.
The Upper and Lower Bands are typically 2 standard deviations above, and below the SMA (Middle Line).
Volatility is a statistical measure of the dispersion of returns for a given security or market index, measured by the standard deviation of logarithmic returns.
The Broad Concept :
Quoting Tradingview specifically for commonly noted limitations of the BBW indicator which I have based this indicator on....
“ Bollinger Bands Width (BBW) outputs a Percentage Difference between the Upper Band and the Lower Band.
This value is used to define the narrowness of the bands.
What needs to be understood however is that a trader cannot simply look at the BBW value and determine if the Band is truly narrow or not.
The significance of an instruments relative narrowness changes depending on the instrument or security in question.
What is considered narrow for one security may not be for another.
What is considered narrow for one security may even change within the scope of the same security depending on the timeframe.
In order to accurately gauge the significance of a narrowing of the bands, a technical analyst will need to research past BBW fluctuations and price performance to increase trading accuracy. ”
Here I present the Bollinger Band Width Percentile as a refinement of the BBW to somewhat overcome the limitations cited above.
Much of the work researching past BBW fluctuations, and making relative comparisons is done naturally by calculating the Bollinger Band Width Percentile.
This calculation also means that it can be read in a similar fashion across assets, greatly simplifying the interpretation of it.
Plotted Components of the Bollinger Band Width Percentile indicator :
Scale High
Mid Line
Scale Low
BBWP plot
Moving Average 1
Moving Average 2
Extreme High Alert
Extreme Low Alert
Bollinger Band Width Percentile Properties:
BBWP Length
The time period to be used in calculating the Moving average which creates the Basis for the BBW component of the BBWP.
Basis Type
The type of moving average to be used as the Basis for the BBW component of the BBWP.
BBWP Lookback
The lookback period to be used in calculating the BBWP itself.
BBWP Plot settings
The BBWP plot settings give a choice between a user defined solid color, and a choice of "Blue Green Red", or "Blue Red" spectrum palettes.
Moving Averages
Has 2 Optional User definable and adjustable moving averages of the BBWP.
Visual Alerts
Optional User adjustable High and low Signal columns.
How to read the BBWP :
A BBWP read of 95 % ... means that the current BBW level is greater than 95% of the lookback period.
A BBWP read of 5 % .... means that the current BBW level is lower than 95% of the lookback period.
Proposed interpretations :
When the BBWP gets above 90 % and particularly when it hits 100% ... this can be a signal that volatility is reaching a maximum and that a macro High or Low is about to be set.
When the BBWP gets below 10 % and particularly when it hits 0% ...... this can be a signal that volatility is reaching a minimum and that there could be a violent range breakout into a trending move.
When the BBWP hits a low level < 5 % and then gets above its moving average ...... this can be an early signal that a consolidation phase is ending and a trending move is beginning.
When the BBWP hits a high level > 95 % and then falls below its moving average ... this can be an early signal that a trending move is ending and a consolidation phase is beginning.
Essential knowledge :
The BBWP was designed with the daily timeframe in mind, but technical analysists may find use for it on other time frames also.
High and Low BBWP readings do not entail any direction bias.
Deeper Concepts :
In finance, “mean reversion” is the assumption that a financial instrument's price will tend to move towards the average price over time.
If we apply that same logic to volatility as represented here by the Bollinger band width percentile, the assumption is that the Bollinger band width percentile will tend to contract from extreme highs, and expand from extreme lows over time corresponding to repeated phases of contraction and expansion of volatility.
It is clear that for most assets there are periods of directional trending behavior followed by periods of “consolidation” ( trading sideways in a range ).
This often ends with a tightening range under reducing volume and volatility ( popularly known as “the squeeze” ).
The squeeze typically ends with a “breakout” from the range characterized by a rapid increase in volume, and volatility when price action again trends directionally, and the cycle repeats.
Typical Use Cases :
The Bollinger Band Width Percentile may be especially useful for Options traders, as it can provide a bias for when Options are relatively expensive, or inexpensive from a Volatility (Vega) perspective.
When the Bollinger Band Width Percentile is relatively high ( 85 percentile or above ) it may be more advantageous to be a net seller of Vega.
When the Bollinger Band Width Percentile is relatively low ( 15 percentile or below ) it may be advantageous to be net long Vega.
Here we examine a number of actionable signals on BTCUSD daily timeframe using the BBWP and a momentum oscillator ( using the TSI here but can equally be used with Bollinger bands, moving averages, or the traders preferred momentum oscillator ).
In this first case we will examine how a spot trader and an options trader could each use a low BBWP read to alert them to a good potential trade setup.
note: using a period of 30 for both the Bollinger bands and the BBWP period ( approximately a month ) and a BBWP lookback of 350 ( approximately a year )
As we see the Bollinger Bands have gradually contracted while price action trended down and the BBWP also fell consistently while below its moving average ( denoting falling volatility ) down to an extremely low level <5% until it broke above its moving average along with a break of range to the upside ( signaling the end of the consolidation at a low level and the beginning of a new trending move to the upside with expanding volatility).
In this next case we will continue to follow the price action presuming that the traders have taken or locked in profit at reasonable take profit levels from the previous trade setup.
Here we see the contraction of the Bollinger bands, and the BBWP alongside price action breaking below the BB Basis giving a warning that the trending move to the upside is likely over.
We then see the BBWP rising and getting above its moving average while price action fails to get above the BB Basis, likewise the TSI fails to get above its signal line and actually crosses below its zeroline.
The trader would normally take this as a signal that the next trending move could be to the downside.
The next trending move turns out to be a dramatic downside move which causes the BBWP to hit 100% signaling that volatility is likely to hit a maximum giving good opportunities for profitable trades to the skilled trader as outlined.
Limitations :
Here we will look at 2 cases where blindly taking BBWP signals could cause the trader to take a failed trade.
In this first example we will look at blindly taking a low volatility options trade
Low Volatility and corresponding low BBWP levels do not automatically mean there has to be expansion immediately, these periods of extreme low volatility can go on for quite some time.
In this second example we will look at blindly taking a high volatility spot short trade
High volatility and corresponding high BBWP levels do not automatically mean there has to be a macro high and contraction of volatility immediately, these periods of extreme high volatility can also go on for quite some time, hence the famous saying "The trend is your friend until the end of the trend" and lesser well known, but equally valid saying "never try to short the top of a parabolic blow off top"
Markets are variable and past performance is no guarantee of future results, this is not financial advice, I am not a financial advisor.
Final thoughts
The BBWP is an improvement over the BBW in my opinion, and is a novel, and useful addition to a Technical Analysts toolkit.
It is not a standalone indicator and is meant to be used in conjunction with other tools for direction bias, and Good Risk Management to base sound trades off.
John Bollinger has suggested using Bolliger bands, and its related indicators with two or three other non-correlated indicators that provide more direct market signals.
He believes it is crucial to use indicators based on different types of data.
Some of his favored technical techniques are moving average divergence/convergence (MACD), on-balance volume and relative strength index (RSI).
Thanks
Massive respect to John Bollinger, long-time technician of the markets, and legendary creator of both the Bollinger Bands® in the 1980´s, and the Bollinger band Width indicator in 2010 which this indicator is based on.
His work continues to inspire, decades after he brought the original Bollinger Bands to the market.
Much respect also to Eric Crown who gave me the fundamental knowledge of Technical Analysis, and Options trading.
2 Multi-Timeframe Bollinger BandsThis is two separate Bollinger bands in one study. Customizable middle BB line type ( SMA , EMA , VWMA ), legnth, colors, and deviations provided at .5 increments.
Someone else has a very similar Bollinger Band study but the code was hidden, so I figured I would remake as a learning challenge since I'm new to pinescript and this is the best way to learn it imo.
There will be updates to this script in the future but for now it serves its purpose lol. Publishing this version early as I wanted to give some friends access to it
In terms of usage, I like 4h 50 SMA alot . Having two sets of Bollinger bands is nice so you can turn one off or swap between time frames and such. In terms of techniques using both bbands, I haven't really played with it too much yet but simple things like 1h 50sma bbands expanding past the 4h 50sma bbands probably indicate an exaggerated move in that specific time frame, etc etc.
Hope this helps!
