OPEN-SOURCE SCRIPT
Bands Bands (BanB)
Updated
This indicator uses bands to show the trend of other bands.
The middle bands are used to show the price trend and the other bands are for the middle bands.
The Spike and Plunge bands can also act as a sort of "Bollinger Bands" for middle bands, though not exactly.
----- HOW TO USE IT -----
Zoom out in the 30 minute chart. Use 15 minute chart to pinpoint your entries.
Use with price-action trading and with indicators showing overbought & oversold levels.
The numbers below correlate with the numbers in the chart.
1) Price hits the Middle Spike line. The "ARL" bands hit the Bottom Spike line. This is a good indication that price will proceed under the Bottom Spike line.
2) Price hits the Bottom Plunge line. The "ARL" bands hit the Middle Plunge line. This is a good indication that price will proceed above the Middle Plunge line.
3) Notice how price spikes up near the Spike lines but doesn't touch. Notice how the Plunge lines have a strong pull downwards. This shows a continued down trend.
4) The same pattern as numbers 2 & 3 reoccur. This time, however, the proceeding price spike is substantially lower.
5) The price and middle bands finally bounce off the Top Plunge line and starts to get closer to the Spike bands.
6) Price and middle bands finally touch the Bottom Spike line and the Spike Bands and the Plunge Bands come closer together.
7) Narrowing Spike and Plunge Bands show a sideways market. Notice number 1, the bands are far apart -- more volatility is present.
Middle Bands:
The bottom, blue lines are fairly accurate dip-rebounds on the 30 minute chart. Use level indicators to find reversing trends (e.g., RSI, Stoch, etc.).
Price action hovering in between the blue lines and around the center indicate a low volatility market or a consolidating market.
----- HOW THIS INDICATOR IS ORIGINAL; WHAT IT DOES AND HOW IT DOES IT -----
This indicator has an original, unique ability to view the trend of bands in a substantially larger overview when zoomed out.
Normally, one would have to switch to higher time frames to get a sense of a larger market trend.
However, doing so will change any bands indicator to accommodate the new price action in relation to the new time frame.
To avoid this, the middle bands are placed in between two bands to see the trend of the bands that show the trend of price action.
----- VERSION -----
The "ARL Bands" in this indicator are NOT the same as the "ARL Bands" indicator.
They are "ARLs" set in an entirely different context, format, and amount and so does not constitute as a different version of "ARL Bands".
The "ARL Bands" indicator only has 4 lines and can be adjusted to any level. They are mainly focused on rebounds at desired levels.
The 13 "ARLs" here cannot be adjusted and are mainly focused on anticipating/calculating probabilities of peak and dip rebounds.
If any discrepancy should arise, let it be stated here that the "ARLs" in this indicator are considered to be a forked codebase to conserve the functionality of "ARL Bands".
This is proven by the differences described underneath "VERSION", which is located 7 lines above.
The middle bands are used to show the price trend and the other bands are for the middle bands.
The Spike and Plunge bands can also act as a sort of "Bollinger Bands" for middle bands, though not exactly.
----- HOW TO USE IT -----
Zoom out in the 30 minute chart. Use 15 minute chart to pinpoint your entries.
Use with price-action trading and with indicators showing overbought & oversold levels.
The numbers below correlate with the numbers in the chart.
1) Price hits the Middle Spike line. The "ARL" bands hit the Bottom Spike line. This is a good indication that price will proceed under the Bottom Spike line.
2) Price hits the Bottom Plunge line. The "ARL" bands hit the Middle Plunge line. This is a good indication that price will proceed above the Middle Plunge line.
3) Notice how price spikes up near the Spike lines but doesn't touch. Notice how the Plunge lines have a strong pull downwards. This shows a continued down trend.
4) The same pattern as numbers 2 & 3 reoccur. This time, however, the proceeding price spike is substantially lower.
5) The price and middle bands finally bounce off the Top Plunge line and starts to get closer to the Spike bands.
6) Price and middle bands finally touch the Bottom Spike line and the Spike Bands and the Plunge Bands come closer together.
7) Narrowing Spike and Plunge Bands show a sideways market. Notice number 1, the bands are far apart -- more volatility is present.
Middle Bands:
The bottom, blue lines are fairly accurate dip-rebounds on the 30 minute chart. Use level indicators to find reversing trends (e.g., RSI, Stoch, etc.).
Price action hovering in between the blue lines and around the center indicate a low volatility market or a consolidating market.
----- HOW THIS INDICATOR IS ORIGINAL; WHAT IT DOES AND HOW IT DOES IT -----
This indicator has an original, unique ability to view the trend of bands in a substantially larger overview when zoomed out.
Normally, one would have to switch to higher time frames to get a sense of a larger market trend.
However, doing so will change any bands indicator to accommodate the new price action in relation to the new time frame.
To avoid this, the middle bands are placed in between two bands to see the trend of the bands that show the trend of price action.
----- VERSION -----
The "ARL Bands" in this indicator are NOT the same as the "ARL Bands" indicator.
They are "ARLs" set in an entirely different context, format, and amount and so does not constitute as a different version of "ARL Bands".
The "ARL Bands" indicator only has 4 lines and can be adjusted to any level. They are mainly focused on rebounds at desired levels.
The 13 "ARLs" here cannot be adjusted and are mainly focused on anticipating/calculating probabilities of peak and dip rebounds.
If any discrepancy should arise, let it be stated here that the "ARLs" in this indicator are considered to be a forked codebase to conserve the functionality of "ARL Bands".
This is proven by the differences described underneath "VERSION", which is located 7 lines above.
Release Notes
Cleaner and more efficient code.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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.