OPEN-SOURCE SCRIPT
ViVen-Multi Time Frame Bollinger Band Strategy
This indicator created to identify the strong Support and Resistance levels based on the Bollinger Bands. When two different time frame Bollinger Bands are travelling together then its a strong Support or Resistance Levels.
I have added 5 Min, 15 Min, 30 Min, 1 Hr and 1 Day time frame Bollinger Bands in one Chart. You can select and combine whichever the TF you want.
Default values considered - Period - 20 and Std.Dev is 2
You can on/off the indicator based on the requirement.
Trade plan:
When the Gap between Upper and Lower Band is narrow then we can expect a trending movement soon.
I have added 5 Min, 15 Min, 30 Min, 1 Hr and 1 Day time frame Bollinger Bands in one Chart. You can select and combine whichever the TF you want.
Default values considered - Period - 20 and Std.Dev is 2
You can on/off the indicator based on the requirement.
Trade plan:
- BUY - When price comes near to the Bottom Bollinger Band level (look for candle confirmation is plus). If multiple Bollinger bands travels together then is Strong Support. (Exit if Price Breaks down the BB)
- SELL - When price reaches the Upper Bollinger Band level (look for candle confirmation is plus). If multiple Bollinger bands travels together then is Strong Support. (Exit if Price Breaks Up the BB)
- Middle Line - is the 20 SMA line
When the Gap between Upper and Lower Band is narrow then we can expect a trending movement soon.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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