MarcoVieira - BB% Oscillator

marco1981
Instagram @marcovieira.oficial

This script creates a custom Bollinger Band % Oscillator (called MarcoVieira BB% Oscillator) for TradingView. It measures how far the price is from the Bollinger Band basis in percentage terms, adds a moving average for smoothing, and provides visual signals for potential reversals, trend strength, and buy/sell opportunities.

# Key Components
1. Inputs
- Bollinger Bands
- length: period for the bands (default 20).
- mult: multiplier for standard deviation (default 2.0).
- Oscillator
- lengthMA: moving average length (default 55).
- ma_type: type of MA (SMA, EMA, HMA, WMA, VWMA).
- Appearance
- Colors for uptrend/downtrend lines.
- Option to show shaded fills.
- Configurable circle size and colors for signals.
- Reference Lines
- Horizontal lines at +1, +0.5, 0, -0.5, -1 for context.

2. Oscillator Calculation
- Basis = SMA of price (src).
- Deviation = standard deviation of price.
- Oscillator (cctbbo) = (\mathrm{price}-\mathrm{basis})/(2\cdot \mathrm{deviation}).
- This normalizes price relative to Bollinger Bands.
- Oscillator MA (cctbbo_ma) = chosen moving average of the oscillator.

3. Plots & Visuals
- Reference Lines: horizontal guides at ±1, ±0.5, and 0.
- Oscillator Line: plotted with dynamic color (up_color if above MA, dn_color if below).
- Oscillator MA Line: plotted in red for trend smoothing.
- Shading:
- Between 0 and +1 (greenish fill).
- Between 0 and -1 (purple fill).

4. Signals
- Reversal Triangles:
- Down triangle at the top when oscillator crosses under +1 (potential long entry).
- Up triangle at the bottom when oscillator crosses over -1 (potential short entry).
- Circles (configurable size):
- Green circle when oscillator MA ≤ -0.5 (oversold zone).
- Orange circle when oscillator MA ≥ +0.5 (overbought zone).
- Candle Coloring:
- Blue candle when oscillator crosses under +1 (buy signal).
- Yellow candle when oscillator crosses over -1 (sell signal).

# Summary
This indicator is essentially a Bollinger Band % Oscillator with enhanced visuals and signals:
- It shows where price sits relative to Bollinger Bands.
- Adds a moving average for smoother trend detection.
- Provides visual cues (lines, fills, triangles, circles, and candle colors) to highlight potential buy/sell zones and reversals.
- Helps traders quickly spot overbought/oversold conditions and possible trend changes.