Bollinger bands and Keltner bands

6 Nov 2021

█ OVERVIEW
This is a Bollinger band Script, with Keltner Channel Bands and for scalping.


█ CONCEPTS
1 — Bollinger Bands, The Bollinger band component is make out from two part, the standard component represented by a white cloud.

This is the 2nd deviation and 3rd deviation filled.
The second part linear weight

This is the 2nd deviation, and is filled from the 3rd deviation from the standard bands. This give the effect of cutting in and out to proved a support and resistance cloud.

2 — Keltner bands, this is the normal calculation, nothing special, by default this is off and can be turned back on in styles.

3 Deviations with ALMA as the Basis

3 — Non-traditional basis
Like with

you can change the base moving average
but to a lesser extent.
option are:
sma = Simple Moving Average
ema = Exponential Moving Average
wma = Weighted Moving Average
vwma = Volume Weighted Moving Average
rma = Running Moving Average
alma = Arnaud Legoux Moving Average
hma = Hull Moving Average


█ OTHER SECTIONS
 • LIMITATIONS: again this is base on moving average so there is a lag factor, the cloud do not work without volume so if the indicator can not pull volume data you are left with the standard bands.
 • NOTE this is a trimmed version of

still functions the same.
 • THANKS: rumpypumpydumpy for the inspiration