BBands Ext v1
Developed by John Bollinger, Bollinger Bands® are volatility bands placed above and below a moving average. Volatility is based on the standard deviation, which changes as volatility increases and decreases. The bands automatically widen when volatility increases and narrow when volatility decreases. This dynamic nature of Bollinger Bands also means they can be used on different securities with the standard settings. For signals, Bollinger Bands can be used to identify M-Tops and W-Bottoms or to determine the strength of the trend. Signals derived from narrowing BandWidth are discussed in the ChartSchool article on BandWidth.
Note: Bollinger Bands® is a registered trademark of John Bollinger.
Pshai's version of Bollinger Bands sends Buy-signals when Close Price is below the Lower Band and Sell-signals when Close Price is above the Upper Band. The bands can be adjusted with the Deviation parameters listed below.
- Length of the Moving Average
- Dev. Up
- Deviation (also known as multiplier) of the Upper Band (default: 2)
- Dev. Down
- Deviation (also known as multiplier) of the Lower Band (default: 2)
- MA Type
- The type of the Moving Average, used in the Bollinger Band.
- Valid types: Sma, Ema, Dema, Tema, Trima, T3, Mama, Kama, Wma
- The amount of "lag" count in candles for the indicator. If value is set to "5", the Bollinger Band lines will be "5 candles late".
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