by 
This indicator adapts Michael Chalek's Dual Thrust trading concept to plot breakout levels and overlay bands directly on the price chart. It calculates lookback ranges based on historical price action and provides two algorithmic variations along with multiple
Indicator · Pine Script v5 · On the chart
Bollinger Bands
This overlay indicator plots customized asymmetrical Bollinger Bands on the price chart to detect breakout trade signals.
GitHub stars2on the repository
Pine versionv5runs as is
Lines of code48
Settings3inputs
LicenceNone stated
Last update2 years ago13 Sep 2024
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above. It reads the file straight from GitHub.
- 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
The code stays on GitHub. The author has not published this script under an open licence, so ForexR does not show its code. Copy script reads the file straight from GitHub into your clipboard, so you can still try it on your own chart. Ask the author before reusing the code anywhere else.
Overview
Bollinger Bands calculates a middle simple moving average and standard deviation bands using separate standard deviation multipliers for upper and lower bounds. A buy signal triggers when the closing price breaks above the upper band while flat, and a sell signal triggers when price falls below the lower band while in a trade. Key settings allow adjusting the SMA period length and standard deviation multipliers for both upper and lower bands.
- Asymmetrical Bollinger Bands standard deviation multipliers
- Breakout entry and exit signal detection
- On-chart shape plots for trade signals
- Built-in alert conditions for buy and sell triggers
Details
Published by
Web3Degenerate on GitHub
Type
Draws
On the price chart
Category
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 |
|---|---|---|---|
| Upper Band Std Dev | float | 3.0 | upperBandSD |
| Lower Band Std Dev | float | 1.0 | lowerBandSD |
| Middle Band MA Length | int | 100 | maPeriod |
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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