Simple Bollinger Bands Toolkit

5 Des 2020

™TradeChartist Simple Bollinger Bands Toolkit is a useful set of Bollinger Bands based utilities, which includes 0 mean %B Oscillator, price volatility based BB Width, actual Bollinger Bands and BB Breakout Signals.

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™TradeChartist Simple Bollinger Bands Toolkit Features
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• Modified %B Oscillator with 0 as its mean

• %B Oscillator Over-Bought (typically values > 80/90/100) and Over-Sold zones (typically values < - 80/-90/-100) can be displayed by enabling Show Over-Sold/Over-Bought Zones.

• Highs and Lows of the %B Oscillator are displayed to help visualize Divergences.

• BB Width as Price Volatility (BB Upper Band - BB Lower Band) can be displayed to visualize BB Squeeze zones.

• Actual Bollinger Bands can be plotted by enabling Display Bollinger Bands. To display on main price chart, just move the BB Toolkit to price chart and merge the scales.

• Breakout Signals can be displayed by enabling Display Bollinger Bands and Show BB Breakout Signals. This also displays background fill to help visualize the zones since the breakouts of upper/lower bands happened.

• The BB Basis/Mean line is colour coded based on the %B Oscillator (%B>0 - Green, %B<0 - Red).

• The Toolkit uses Simple Moving Average (SMA) for the basis line.

• The default length is 55 and default Standard Deviation is 1. %B Oscillator can be smoothed (default - 5) using EMA to minimize noise. (Use 20 length and 2 standard deviation for classic Bollinger Bands).

• Price Bars on the Main Price chart can be coloured by enabling BB Colour Bars.

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