Bollinger Range Bound

Bollinger Range Bound

Here is a smart idea for an indicator to detect range, as it compares 2 bollinger bandwidth spread as an hint for current price contraction.

When the oscillator is set to 1, price is ranging and “NoTrade” would be initiated.

 

 

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  1. trabucaire • 278 days ago #

    Hello, what does it mean the 20 and 40 number on this code ?
    Thank you !

  2. robertogozzi • 35 days ago #

    I modified it to make parameters customizable and to Draw a Grey candlestick when a range is detected (sorry for the code, but the “Add PRT code” button didn’t work):

    // Bollinger Band range setection
    //
    DEFPARAM CalculateOnLastBars = 1000
    // BB1 = 40
    // BB2 = 20
    // RangeDivisor = 2.0
    //
    a = BollingerUp[BB1](close)
    b = BollingerDown[BB1](close)
    B1Range = a – b
    c = BollingerUp[BB2](close)
    d = BollingerDown[BB2](close)
    B2Range = c – d
    if B2Range < (B1Range/RangeDivisor) then
    DRAWCANDLE(Open,High,Low,Close) COLOURED(230,230,250,255) bordercolor(0,255,255,50) //Cyan border
    //NoTrade = 1
    else
    //NoTrade = 0
    endif
    return // NoTrade AS "No Trade"

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