BB 25 with Barcolors
I published this script before. I took a good long look at it and decided this edition could be entitled, "Less is More". If you look at the script there was just too much going on so I took out (//) a lot of the conditions and bar colors in favor of simplicity. The idea is that price tends to bounce off upper or lower bands eventually, so it was in that context I made the edit. If you copy the script feel free to take some of, or all of the (//) to see what you want to see. You might come up with something totally different. The danger, in my opinion,of over editing code from any indicator is that you run the risk of fooling yourself. I made the same adjustment in the BB 100 with Barcolors.
// BB 25 with Barcolors by Robert Waddell // I came across an unusual Bollinger Band setup where they use 100 sma and a 25 (not 20) sma. // I've seen it traded on a 1 hr chart. I noticed that the combo (100 & 25) produced interesting // results with bounces off the hourly chart. you have to load the BB 25 with barcolors // and the BB 100 with Barcolors seperately. Also, repo32's "BuySellEMA" is included in the chart // and provides 8EMA buy/sell signals. If you see something that needs changing, go for it. study(title ="BB 25 with Barcolors", overlay = true) length = input(25, minval=1, title="Length") TLineEMA = input(8, minval=1, title="Trigger Line") TLine = ema(close, TLineEMA) aboveTLine = close > TLine belowTLine = close < TLine src = input(close, title="Source") mult = input(2.0, minval=0.001, maxval=50) basis = sma(src, length) dev = mult * stdev(src, length) source = close upperBB = basis + dev lowerBB = basis - dev b1 = plot(basis, color=gray, linewidth=1) p1 = plot(upperBB, color=aqua, linewidth=1) p2 = plot(lowerBB, color=aqua, linewidth=1) //ubcrossup = (src[1] < upperBB[1] and src > upperBB[1] ? 1 : 0) ubcrossdown = (src[1] > upperBB[1] and src < upperBB[1] ? 1 : 0) lbcrossup = (close[1] < lowerBB[1] and src > lowerBB ? 1 : 0) //lbcrossdown = (src[1] > lowerBB[1] and src < lowerBB[1] ? 1 : 0) //crossupbasis = (src[1] < basis[1] and src > basis[1] and aboveTLine ? 1 : 0) //crossdownbasis = (src[1] > basis[1] and src < basis[1] ? 1 : 0) //confirmlbup = (src[2] < lowerBB[2] and src[1] > lowerBB[1] and src > src[1] and aboveTLine ? 1 : 0) //cnfmaggrlbup = (close[2] < lowerBB[2] and src[1] > lowerBB[1] and close > close[1] and high > high[1] and low > low[1] ? 1 : 0) //confirmlbdown = (src[2] > lowerBB[2] and src[1] < lowerBB[1] and src < src[1] and belowTLine ? 1 : 0) //confirmubup = (src[2] < upperBB[2] and src[1] > upperBB[1] and close > close[1] and high > high[1] and low > low[1] and aboveTLine ? 1 : 0) //confirmubdown = (src[2] > upperBB[2] and src[1] < upperBB[1] and src < src[1] and belowTLine ? 1 : 0) //confirmbasisup = (src[2] < basis[2] and src[1] > basis[1] and close > close[1] and high > high[1] and low > low[1] ? 1 : 0) //confirmbasisdown = (src[2] > basis[2] and src[1] < basis[1] and src < src[1] ? 1 : 0) //TLineup = (close[1] < TLine[1] and close > TLine ? 1 : 0) //plotshape(close[2] > TLine[2] and close[1] > TLine and close < TLine, location = location.belowbar, color = fuchsia, style = shape.diamond ) //plotshape(close[2] < TLine[2] and close[1] < TLine[1] and close > TLine, location=location.abovebar, color = lime, style = shape.diamond) //barcolor(ubcrossup and close > open ? lime : na) barcolor(ubcrossdown and close < open ? fuchsia : na) barcolor(lbcrossup and close > open ? lime : na) //barcolor(TLineup and close > open ? blue : na) //barcolor(lbcrossdown and close < open ? red : na) //barcolor(crossupbasis and close > open ? lime : na) //barcolor(crossdownbasis and close < open ? red : na) //barcolor(confirmlbup ? yellow : na) //barcolor(confirmlbdown ? fuchsia : na) //barcolor(confirmubup ? yellow : na) //barcolor(confirmubdown ? fuchsia : na) //barcolor(confirmbasisup ? yellow : na) //barcolor(confirmbasisdown ? fuchsia : na) //barcolor(cnfmaggrlbup ? blue : na)