OPEN-SOURCE SCRIPT
GlitterBomber
📈 GlitterBomber Indicator – Overview
The GlitterBomber is a dynamic channel-based indicator that blends trend-following and mean-reversion principles. It utilizes linear regression and standard deviation to create adaptive price bands and generates buy/sell signals, early alerts, and multi-timeframe support/resistance zones.
Whether you're swing trading, scalping, or running intraday setups, GlitterBomber is built to adapt.
⚙️ Settings & Configuration Guide
🔹 Channel Settings
Channel Length: Number of bars used to calculate the regression line and standard deviation.
Higher = smoother trend, less noise.
Lower = faster signals, more sensitivity.
Channel Width Multiplier: Expands the channel based on price volatility (standard deviation).
Higher multiplier = wider bands, fewer signals.
Lower = tighter bands, more signals.
Source: The price data used for calculations (e.g. close, hl2, ohlc4). Default is close.
🔹 Display Options
Show Mid Line?: Toggles the central regression line on/off. Useful for trend visualization and early signal reference.
🔹 Signal Alert Filters
Alert Type:
Buy Only – Triggers only bullish signals.
Sell Only – Triggers only bearish signals.
Both – Triggers all valid signals.
🔹 Early Signal Settings
These provide early warning signals when price moves a defined percentage away from the regression midline:
Early Buy % Below Midline: Fires when price drops below the midline by X%.
Early Sell % Above Midline: Fires when price rises above the midline by X%.
Useful for aggressive entries before outer band touches.
🔹 Support & Resistance Settings
Timeframe: Select the higher timeframe (e.g. Daily, 4H) from which to extract S/R levels.
Lookback Period: Number of bars to scan for highest highs (resistance) and lowest lows (support).
These horizontal S/R lines act as key reference levels for entries, exits, and stop-loss zones.
🧠 How It Works
📏 Linear Regression + Standard Deviation
Midline: A regression line that represents the average trend.
Upper/Lower Bands: Dynamically calculated by adding/subtracting standard deviation from the midline.
These form a statistical envelope — ideal for identifying trend boundaries and mean-reversion zones.
📊 Signal Logic
✅ Buy Signal
Fires when the price crosses above the lower channel — often indicating a bounce or trend reversal.
🚫 Sell Signal
Fires when the price crosses below the upper channel — potential exhaustion or short entry.
⚠️ Early Signals
Fired when price diverges from the midline by a user-defined percentage.
Useful for catching overextended moves before they hit outer bands.
📌 Support/Resistance Lines
Derived from a higher timeframe using lookback-based highs and lows.
Adds multi-timeframe confluence for more robust setups.
💼 3 Use Cases & Ideal Settings
✅ 1. Swing Trading (1H or 4H)
Goal: Capture medium-term reversion moves.
Channel Length: 100
Multiplier: 2.0
Early Buy/Sell %: 1.5%
S/R Timeframe: "D"
S/R Lookback: 50
Strategy:
Buy when price dips below the lower band and reverses.
Confirm confluence with daily support.
Exit at midline or upper resistance.
✅ 2. Intraday Trend Riding (15-Minute Chart)
Goal: Follow short-term momentum with breakout entries.
Channel Length: 50
Multiplier: 1.5
Early Signals: OFF (set both % to 0)
S/R Timeframe: "1H"
S/R Lookback: 24
Strategy:
Enter on breakout above the upper band.
Use S/R to trail or set profit targets.
Ideal in strong trending environments.
✅ 3. Scalping Reversals (5-Minute Chart)
Goal: Fade short-term overbought/oversold conditions.
Channel Length: 30
Multiplier: 1.0
Early Buy %: 0.8%
Early Sell %: 0.8%
S/R Timeframe: "15"
S/R Lookback: 20
Strategy:
Enter on early signal (circle) confirmation.
Exit quickly at midline.
Use higher timeframe S/R to avoid entering into major support or resistance.
🏁 Conclusion
GlitterBomber is more than just a channel indicator — it's a framework for building trades around statistical price behavior, multi-timeframe confluence, and early signal detection.
Whether you're fading, trending, or managing risk through key zones — this tool gives you both structure and flexibility.
Please feel free to comment and offer suggestion always up for hear new idea's!
Happy Trading!
The GlitterBomber is a dynamic channel-based indicator that blends trend-following and mean-reversion principles. It utilizes linear regression and standard deviation to create adaptive price bands and generates buy/sell signals, early alerts, and multi-timeframe support/resistance zones.
Whether you're swing trading, scalping, or running intraday setups, GlitterBomber is built to adapt.
⚙️ Settings & Configuration Guide
🔹 Channel Settings
Channel Length: Number of bars used to calculate the regression line and standard deviation.
Higher = smoother trend, less noise.
Lower = faster signals, more sensitivity.
Channel Width Multiplier: Expands the channel based on price volatility (standard deviation).
Higher multiplier = wider bands, fewer signals.
Lower = tighter bands, more signals.
Source: The price data used for calculations (e.g. close, hl2, ohlc4). Default is close.
🔹 Display Options
Show Mid Line?: Toggles the central regression line on/off. Useful for trend visualization and early signal reference.
🔹 Signal Alert Filters
Alert Type:
Buy Only – Triggers only bullish signals.
Sell Only – Triggers only bearish signals.
Both – Triggers all valid signals.
🔹 Early Signal Settings
These provide early warning signals when price moves a defined percentage away from the regression midline:
Early Buy % Below Midline: Fires when price drops below the midline by X%.
Early Sell % Above Midline: Fires when price rises above the midline by X%.
Useful for aggressive entries before outer band touches.
🔹 Support & Resistance Settings
Timeframe: Select the higher timeframe (e.g. Daily, 4H) from which to extract S/R levels.
Lookback Period: Number of bars to scan for highest highs (resistance) and lowest lows (support).
These horizontal S/R lines act as key reference levels for entries, exits, and stop-loss zones.
🧠 How It Works
📏 Linear Regression + Standard Deviation
Midline: A regression line that represents the average trend.
Upper/Lower Bands: Dynamically calculated by adding/subtracting standard deviation from the midline.
These form a statistical envelope — ideal for identifying trend boundaries and mean-reversion zones.
📊 Signal Logic
✅ Buy Signal
Fires when the price crosses above the lower channel — often indicating a bounce or trend reversal.
🚫 Sell Signal
Fires when the price crosses below the upper channel — potential exhaustion or short entry.
⚠️ Early Signals
Fired when price diverges from the midline by a user-defined percentage.
Useful for catching overextended moves before they hit outer bands.
📌 Support/Resistance Lines
Derived from a higher timeframe using lookback-based highs and lows.
Adds multi-timeframe confluence for more robust setups.
💼 3 Use Cases & Ideal Settings
✅ 1. Swing Trading (1H or 4H)
Goal: Capture medium-term reversion moves.
Channel Length: 100
Multiplier: 2.0
Early Buy/Sell %: 1.5%
S/R Timeframe: "D"
S/R Lookback: 50
Strategy:
Buy when price dips below the lower band and reverses.
Confirm confluence with daily support.
Exit at midline or upper resistance.
✅ 2. Intraday Trend Riding (15-Minute Chart)
Goal: Follow short-term momentum with breakout entries.
Channel Length: 50
Multiplier: 1.5
Early Signals: OFF (set both % to 0)
S/R Timeframe: "1H"
S/R Lookback: 24
Strategy:
Enter on breakout above the upper band.
Use S/R to trail or set profit targets.
Ideal in strong trending environments.
✅ 3. Scalping Reversals (5-Minute Chart)
Goal: Fade short-term overbought/oversold conditions.
Channel Length: 30
Multiplier: 1.0
Early Buy %: 0.8%
Early Sell %: 0.8%
S/R Timeframe: "15"
S/R Lookback: 20
Strategy:
Enter on early signal (circle) confirmation.
Exit quickly at midline.
Use higher timeframe S/R to avoid entering into major support or resistance.
🏁 Conclusion
GlitterBomber is more than just a channel indicator — it's a framework for building trades around statistical price behavior, multi-timeframe confluence, and early signal detection.
Whether you're fading, trending, or managing risk through key zones — this tool gives you both structure and flexibility.
Please feel free to comment and offer suggestion always up for hear new idea's!
Happy Trading!
Skrip sumber terbuka
Dalam semangat sebenar TradingView, pencipta skrip ini telah menjadikannya sumber terbuka supaya pedagang dapat menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupun anda boleh menggunakannya secara percuma, ingat bahawa menerbitkan semula kod ini adalah tertakluk kepada Peraturan Dalaman kami.
Untuk akses pantas pada carta, tambah skrip ini kepada kegemaran anda — ketahui lebih lanjut di sini.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Skrip sumber terbuka
Dalam semangat sebenar TradingView, pencipta skrip ini telah menjadikannya sumber terbuka supaya pedagang dapat menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupun anda boleh menggunakannya secara percuma, ingat bahawa menerbitkan semula kod ini adalah tertakluk kepada Peraturan Dalaman kami.
Untuk akses pantas pada carta, tambah skrip ini kepada kegemaran anda — ketahui lebih lanjut di sini.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.