This strategy plots MACD line, signal line, Bollinger Bands, and RSI on the price chart. It signals long entries on MACD crossover above signal with RSI below 50 and price below BB basis, plus optional DMI filter. Short entries are available but disabled by de
Strategy · Pine Script v5 · On the chart
Penguin Volatility State Strategy
This strategy compares Bollinger Bands and Keltner Channel to detect volatility regimes.
GitHub stars1on the repository
Pine versionv5runs as is
Lines of code132
Settings12inputs
LicenceNone stated
Last update6 days ago22 Oct 2026
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 strategy, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart. The trades and results appear in the Strategy Tester tab; adjust the settings with the gear icon.
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
Penguin Volatility State Strategy plots the bands and their difference along with the RSI of the difference on the price chart. Entries and exits occur on transitions in the volatility state, controlled by filters for sideways markets, strong momentum, exact timing, and expanding volatility. The user selects long only, both, or short only direction. It sizes positions to 100 percent of equity and lacks a stop loss.
- Bollinger Bands vs Keltner Channel
- Volatility Difference
- RSI of Diff
- Regime Filter
- Volatility State
Details
Published by
kanylbullen on GitHub
Code credit
waranyu.trkm — MIT License, as written in the script's header
Type
Strategy, Pine Script v5
Draws
On the price chart
Category
Volatility & bands, Oscillators & momentum, Moving averages
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
- The strategy enters trades without a stop loss
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| BB/KC Length | int | 20 | bb_len |
| BB Multiplier | float | 2.0 | bb_mult |
| KC Multiplier | float | 2.0 | kc_mult |
| Fast EMA Length | int | 12 | ema_fast_len |
| Slow EMA Length | int | 26 | ema_slow_len |
| RSI of Diff Length | int | 14 | rsi_diff_len |
| SMA of RSI Length | int | 7 | rsi_avg_len |
| Trade Direction | string | Long Only | trade_direction |
| RULE 1: Filter Sideways Markets (Yellow & Blue)? | bool | false | use_regime_filter |
| RULE 2: Trade Only on Strong Momentum (RSI Accel)? | bool | false | use_strength_filter |
| RULE 3: Enter/Exit on Exact Transition? | bool | false | use_timing_filter |
| RULE 4: Trade only when Volatility Expanding (diff > 0)? | bool | false | use_diff_filter |
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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