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"
No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.ProRealTime ITF files and other attachments :