This indicator measures market consolidation and breakout phases by computing a scaled Relative Strength Index (RSI) on normalized price data. It identifies chop zones when the RSI oscillates between 40 and 60, highlighting tight consolidation between 45 and 5
Indicator · Pine Script v5 · Own pane
Breakout Bollinger Band and Keltner Channel
This indicator turns Bollinger Bands, Keltner Channels or the average of both into a single normalised line in a separate pane, computed from Heikin Ashi close prices over a 200-bar window by default.
GitHub stars1on the repository
Pine versionv5runs as is
Lines of code68
Settings7inputs
LicenceNone statedfile: MPL-2.0
Last update4 years ago10 Jan 2022
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
68 lines of Pine Script v5 from indicator/INDICATOR Breakout Bollinger Band & Keltner Channel (林19).pine, published under MPL-2.0 (file header). Keep the author's credit and licence lines when you reuse it.
// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © HayashiHitsuji
//@version=5
indicator("INDICATOR: Breakout Bollinger Band & Keltner Channel (林19)", shorttitle = "I BBKC (林19)", overlay = false)
////////////////////////////////////////////////////////////////////////////////
// INDICATOR INPUT /////////////////////////////////////////////////////////////
////////////////////////////////////////////////////////////////////////////////
// Input: indicator type value =================================================
band_type = input.session('BB%B', "Band Type", options = ['BBKC', 'BB%B', 'KC%K'])
src = request.security(ticker.heikinashi(syminfo.tickerid), timeframe.period, close)
band_period = input.int(200, "Band Value")
band_mult = input.float(1.0, "Band Mult")
smooth = input.bool(false, "Use smooth band?")
band_smooth = input.int(9, "Smooth Value")
upper_break = input.float(1.0, "Bullish Breakout")
lower_break = input.float(0.0, "Bearish Breakout")
// ========================================================================== //
////////////////////////////////////////////////////////////////////////////////
// INDICATOR CALCULATION & ALGORITHM ///////////////////////////////////////////
////////////////////////////////////////////////////////////////////////////////
// Algo: set the bollinger band & keltner channel ==============================
[bb_mid, bb_upper, bb_lower] = ta.bb(src, band_period, band_mult)
[kc_mid, kc_upper, kc_lower] = ta.kc(src, band_period, band_mult)
// ========================================================================== //
// Calc: bb & kc calculation ===================================================
bbpb = smooth ? ta.ema((src - bb_lower) / (bb_upper - bb_lower), band_smooth) :
(src - bb_lower) / (bb_upper - bb_lower)
kcpk = smooth ? ta.ema((src - kc_lower) / (kc_upper - kc_lower), band_smooth) :
(src - kc_lower) / (kc_upper - kc_lower)
bbkc = smooth ? ta.ema((src - math.avg(bb_lower, kc_lower)) / (math.avg(bb_upper, kc_upper) - math.avg(bb_lower, kc_lower)), band_smooth) :
(src - math.avg(bb_lower, kc_lower)) / (math.avg(bb_upper, kc_upper) - math.avg(bb_lower, kc_lower))
band = band_type == 'BBKC' ? bbkc :
band_type == 'BB%B' ? bbpb :
kcpk
// ========================================================================== //
// Algo: set color for inticator ===============================================
band_color = band > upper_break ? color.lime : band < lower_break ? color.red : color.white
long = ta.crossover(band, 0) ? color.lime : ta.crossover(band, 1) ? color.green : na
short = ta.crossunder(band, 1) ? color.red : ta.crossunder(band, 0) ? color.maroon : na
// ========================================================================== //
////////////////////////////////////////////////////////////////////////////////
// PLOT INDICATOR //////////////////////////////////////////////////////////////
////////////////////////////////////////////////////////////////////////////////
// Plot: indicator and breakout line ===========================================
hline(upper_break, color = color.lime, linestyle = hline.style_solid, title = "Upper Breakout")
hline(lower_break, color = color.red, linestyle = hline.style_solid, title = "Lower Breakout")
hline(0.5, title = "Mid Breakout")
plot(band, color = band_color, linewidth = 2, title = "Band")
plot(1, color = long, style = plot.style_columns)
plot(1, color = short, style = plot.style_columns)
// ========================================================================== //
Overview
The line is coloured lime above a bullish breakout level, red below a bearish level and white between, with horizontal reference lines for the levels and midpoint. An option smooths the line with an EMA. The band type, period and multiplier are selectable.
- Selectable Bollinger, Keltner or combined band reading
- Heikin Ashi price source
- Breakout level lines with colour change
- Optional EMA smoothing
Details
Published by
hayashi19 on GitHub
Code credit
HayashiHitsuji, as written in the script's header
Type
Draws
Separate pane below the 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 |
|---|---|---|---|
| Band Type | session | BB%B | band_type |
| Band Value | int | 200 | band_period |
| Band Mult | float | 1.0 | band_mult |
| Use smooth band? | bool | false | smooth |
| Smooth Value | int | 9 | band_smooth |
| Bullish Breakout | float | 1.0 | upper_break |
| Bearish Breakout | float | 0.0 | lower_break |
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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