by 
This indicator plots a TTM Squeeze momentum oscillator in a separate pane. It compares a Bollinger Band offset to a Keltner Channel offset and marks the zero line white when the difference is non-negative and black when the bands are inside the channel. A line
Indicator · Pine Script v5 · Own pane
Bollinger Bands %B
This indicator calculates and plots the Bollinger Bands %B oscillator in a separate pane below the price chart.
GitHub stars37on the repository
Pine versionv5runs as is
Lines of code15
Settings3inputs
LicenceMIT
Last update3 years ago10 Feb 2023
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
15 lines of Pine Script v5 from Technical-Indicators/Technical Indicators are Here🤩/Bollinger-Bands(underlying).pine, published under MIT. Keep the author's credit and licence lines when you reuse it.
//@version=5
indicator(title = "Bollinger Bands %B", shorttitle = "BB %B", format=format.price, precision=2, timeframe="", timeframe_gaps=true)
length = input.int(20, minval=1)
src = input(close, title="Source")
mult = input.float(2.0, minval=0.001, maxval=50, title="StdDev")
basis = ta.sma(src, length)
dev = mult * ta.stdev(src, length)
upper = basis + dev
lower = basis - dev
bbr = (src - lower)/(upper - lower)
plot(bbr, "Bollinger Bands %B", color=#26A69A)
band1 = hline(1, "Overbought", color=#787B86, linestyle=hline.style_dashed)
hline(0.5, "Middle Band", color=color.new(#787B86, 50))
band0 = hline(0, "Oversold", color=#787B86, linestyle=hline.style_dashed)
fill(band1, band0, color=color.rgb(38, 166, 154, 90), title="Background")
Overview
Bollinger Bands %B measures the relative position of the price compared to standard Bollinger Bands, normalizing values where zero represents the lower band and one represents the upper band. Users can adjust the moving average length, source price, and standard deviation multiplier. The script includes reference horizontal lines for overbought, middle, and oversold levels with a background fill, but it does not generate automated alerts or execution signals.
- Bollinger Bands %B oscillator plot
- Overbought and oversold reference levels
- Configurable standard deviation multiplier
- Customizable moving average length and source
Details
Published by
TWODS-CAPITAL on GitHub
Type
Indicator, Pine Script v5
Draws
Separate pane below the chart
Category
Volatility & bands, Oscillators & momentum
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.
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| length | int | 20 | length |
| Source | source | close | src |
| StdDev | float | 2.0 | mult |
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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