This strategy plots Bollinger Bands on the price chart with adjustable length, standard deviation, and offset. It defines buy and sell zones using candle size percentage and body size thresholds. Long positions enter when the lower zone is breached without con
Strategy · Pine Script v6 · On the chart
PineForge — Constellation Bands
PineForge — Constellation Bands is a mean-reversion strategy displayed on the price chart.
GitHub stars1on the repository
Pine versionv6current
Lines of code33
Settings4inputs
LicenceApache-2.0
Last update5 days ago23 Oct 2026
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 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
33 lines of Pine Script v6 from validation/bands-constellation-mean-reversion-01/strategy.pine, published under Apache-2.0. Keep the author's credit and licence lines when you reuse it.
//@version=6
// SPDX-License-Identifier: Apache-2.0
// Copyright 2026 PineForge
// PineForge Corporate Strategy: Constellation Bands
// Statistical re-entry after a lower-band excursion drives bounded mean reversion.
strategy("PineForge — Constellation Bands", overlay=true,
initial_capital=100000,
default_qty_type=strategy.percent_of_equity, default_qty_value=5,
pyramiding=0, commission_type=strategy.commission.percent,
commission_value=0.05, slippage=1,
margin_long=100, margin_short=100,
process_orders_on_close=false, calc_on_order_fills=false)
bandLength = input.int(31, "Band Length", minval=5, group="Signal")
bandWidth = input.float(2.15, "Band Width", minval=0.5, step=0.05, group="Signal")
stopDeviation = input.float(1.35, "Stop Deviation", minval=0.5, step=0.05, group="Risk")
targetFraction = input.float(0.85, "Target Toward Basis", minval=0.2, maxval=1.2, step=0.05, group="Risk")
[basis, upperBand, lowerBand] = ta.bb(close, bandLength, bandWidth)
deviation = ta.stdev(close, bandLength)
reentry = ta.crossover(close, lowerBand)
if reentry and close < basis
strategy.entry("Constellation Long", strategy.long)
if strategy.position_size > 0
target = strategy.position_avg_price + (basis - strategy.position_avg_price) * targetFraction
stopPrice = strategy.position_avg_price - deviation * stopDeviation
strategy.exit("Constellation Risk", from_entry="Constellation Long",
stop=stopPrice, limit=target)
plot(basis, "Band Basis", color=color.gray)
plot(upperBand, "Upper Band", color=color.purple)
plot(lowerBand, "Lower Band", color=color.purple)
Overview
PineForge — Constellation Bands calculates standard Bollinger Bands alongside price volatility. A long entry triggers when the close price crosses back above the lower band while remaining below the basis line. For trade management, the script sets a stop loss based on standard deviation multiples and a limit target calculated as a fraction of the distance toward the basis line. Settings allow customization of band length, band width, stop deviation, and target fraction.
- Bollinger Band lower boundary re-entry strategy
- Dynamic standard deviation stop-loss management
- Fractional target toward the middle basis line
- Visual overlay of Bollinger Bands basis and envelope
Details
Published by
pineforge-4pass on GitHub
Code credit
PineForge, as written in the script's header
Type
Strategy, Pine Script v6
Draws
On the price chart
Category
Mean reversion, Volatility & bands, Moving averages
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.
Topics
algorithmic-tradingbacktestingparitypine-scriptpinescriptquantitative-financetest-corpustradingview
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Band Length | int | 31 | bandLength |
| Band Width | float | 2.15 | bandWidth |
| Stop Deviation | float | 1.35 | stopDeviation |
| Target Toward Basis | float | 0.85 | targetFraction |
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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