%B Bollinger
October 12, 2015, 8:05 PM
Indicators
7 Comments
Bollinger oscillator
This is an extension of Bollinger bands. It shows the relative position of the closing price of the candle relative to the bands.
Zero value equals to a close on the lower bound. 50 value equals to a close on the Bollinger moving average. Finally, 100 value equals to a close on the upper bound.
This is an oscillator that provides overbought / oversold signals over 100 and under 0 levels. Divergences with price levels may be profited upon.
REM Calculation of Bollinger oscillator
delta = CLOSE - BOLLINGERDOWN
width = 4 * STD
BBO = delta * 100 / width
RETURN BBO AS"Bollinger Band Oscillator"
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Filename:
percent-B-Bollinger.itf
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