This script shows a cloud of Bollinger bands of various period lengths surrounding price action.
The bands can be set to 1.25, 2.25 or 3.25 standard deviations.
Functionally, where bands start to converge, especially using 1.25sd, indicates fairly reliable support/resistance. If price action breaks through, price may start trending.
There is also an option to flag price action that breaks through 3.2sd for periods lengths greater than 14. When this happens, watch for a possible stall or reversal.
This concept is merely standing on the shoulders of @acatwithcharts and @dadshark, and I highly recommend using this alongside their indicators. Do yourself a big favor and get to know their work on Advanced Volatility Theory.
The bands can be set to 1.25, 2.25 or 3.25 standard deviations.
Functionally, where bands start to converge, especially using 1.25sd, indicates fairly reliable support/resistance. If price action breaks through, price may start trending.
There is also an option to flag price action that breaks through 3.2sd for periods lengths greater than 14. When this happens, watch for a possible stall or reversal.
This concept is merely standing on the shoulders of @acatwithcharts and @dadshark, and I highly recommend using this alongside their indicators. Do yourself a big favor and get to know their work on Advanced Volatility Theory.
Catatan Rilis:
Fixed the overlay problem.
Added wavePM color coding for each of the bands.
Added a transparency setting to adjust visibility to your chart.
Added wavePM color coding for each of the bands.
Added a transparency setting to adjust visibility to your chart.
Catatan Rilis:
Simplified the output.
Removed the 3.2sd flags to free up additional plot availability.
Added a switch for low range (1-100periods and 100-900periods). Intent is that you can stack this indicator to see 100-900 bands at once.
Note that the band periods don't follow a regular interval but are calculated using an algorithm to widen as they get larger (period + period / base). Base used is 7.
Enjoy!
Removed the 3.2sd flags to free up additional plot availability.
Added a switch for low range (1-100periods and 100-900periods). Intent is that you can stack this indicator to see 100-900 bands at once.
Note that the band periods don't follow a regular interval but are calculated using an algorithm to widen as they get larger (period + period / base). Base used is 7.
Enjoy!