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Simple Bollinger Bands Toolkit

By TradeChartist
™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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BBbollingerbandsfilterbollingerbandsqueezeBollinger Bands Width (BBW)breakoutfilterOscillatorsTrend AnalysisVolatility

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