™TradeChartist Simple Bollinger Bands Toolkit is a useful set of Bollinger Bands based utilities, which includes 0 mean %B Oscillator, price volatility based BB Width, actual Bollinger Bands and BB Breakout Signals.
™TradeChartist Simple Bollinger Bands Toolkit Features ================================================
Modified %B Oscillator with 0 as its mean
%B Oscillator Over-Bought (typically values > 80/90/100) and Over-Sold zones (typically values < - 80/-90/-100) can be displayed by enabling Show Over-Sold/Over-Bought Zones.
Highs and Lows of the %B Oscillator are displayed to help visualize Divergences.
BB Width as Price Volatility (BB Upper Band - BB Lower Band) can be displayed to visualize BB Squeeze zones.
Actual Bollinger Bands can be plotted by enabling Display Bollinger Bands. To display on main price chart, just move the BB Toolkit to price chart and merge the scales.
Breakout Signals can be displayed by enabling Display Bollinger Bands and Show BB Breakout Signals. This also displays background fill to help visualize the zones since the breakouts of upper/lower bands happened.
The BB Basis/Mean line is colour coded based on the %B Oscillator (%B>0 - Green, %B<0 - Red).
The Toolkit uses Simple Moving Average (SMA) for the basis line.
The default length is 55 and default Standard Deviation is 1. %B Oscillator can be smoothed (default - 5) using EMA to minimize noise. (Use 20 length and 2 standard deviation for classic Bollinger Bands).
Price Bars on the Main Price chart can be coloured by enabling BB Colour Bars.
How to set alert on BULL & BEAR breakout? I had selected 'Long Entry Signal' but along with it I am forced to select values for 'Crossing' and 'Value' fields. Butif I do this, the alerts would fire incorrectly.
TradeChartist
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@koushikpaul, Hi mate, I hadn't coded breakout alerts in this. Will include in next update. In the meantime, you can use my other script Bollinger Bands Filter which has alerts coded in.
hello tradechartist Simple Bollinger Bands Toolkit i will want something from you . can you put to the indicator oversold and overbought alarm ? thank you .