This indicator plots an ATR-based Chandelier Exit trailing stop on the price chart. It tracks a long stop under recent highs and a short stop above recent lows, then switches direction when price crosses the opposite stop. Buy and sell labels mark those flips.
Indicator · Pine Script v4 · On the chart
BBI
BBI is a price-chart indicator that builds two upper Bollinger bands from the close: a 100-bar band with a 1.25 standard-deviation multiplier and a 300-bar band with a 0.75 multiplier.
GitHub stars3on the repository
Pine versionv4older, still runs
Lines of code58
Settings0inputs
LicenceMIT
Last update5 years ago19 Dec 2020
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above, or the copy button on the code below.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
58 lines of Pine Script v4 from indicator/single/bollinger_band.pine, published under MIT. Keep the author's credit and licence lines when you reuse it.
//@version=4
// -------------------------------------------------------------------------- //
study(title="BBI", shorttitle="BBI", overlay=true)
// -------------------------------------------------------------------------- //
// bbl = input(title="BB Length", type=input.integer, defval=50, minval=1, step=1 )
// bbs = input(title="BB Stddev", type=input.float, defval=1.5, minval=0.01, step=0.05)
// new_per calculates the percentage of a fraction based on the given absolute
// value.
//
// new_per(500, 5) => 1
//
new_per(abs, fra) =>
fra * 100 / abs
// new_bbu returns the upper bollinger band based on the length given by bbl and
// the standard deviation given by bbs. Here bbu means bollinger band upper.
new_bbu(src, bbl, bbs) =>
sma(src, bbl) + bbs * stdev(src, bbl)
new_bbi(src, bbl, bbs) =>
ban = new_bbu(src, bbl, bbs)
cou = 0
bac = 8
for i = 0 to bac
cou := high[i] > ban[i] and ban[i] > low[i] ? cou + 1 : cou
new_per(bac, cou) > 30 and not (high[0] > ban[0] and ban[0] > low[0])
// -------------------------------------------------------------------------- //
// plot(new_bbu(close, 100, 1.25), "BBI", color=color.white, transp=50)
// plot(new_bbu(close, 300, 0.75), "BBI", color=color.blue, transp=50)
one = new_bbu(close, 100, 1.25)
two = new_bbu(close, 300, 0.75)
plotshape(cross(one, two) and close > one, text="BBI", location=location.abovebar, style=shape.labeldown, size=size.tiny, color=color.red, textcolor=color.white, transp=0)
Overview
BBI plots a small red BBI label above the bar when those bands cross and the close is above the shorter band. Lengths and deviations are hardcoded because the input declarations are commented out. It does not manage entries, exits, stops, or position size.
- Two upper Bollinger bands
- Hardcoded length and deviation
- Cross label above the bar
- Price chart overlay
Details
Published by
blackcat1402 on GitHub
Type
Indicator, Pine Script v4
Draws
On the price chart
Category
Volatility & bands
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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