The description is in the code. you want to catch bounces off the 25 (upper or lower) and 100 (upper or lower).
Works well on the hourly and 30 min charts. Haven't tested it beyond that. Haven't tested Forex, just equities.
// BB 25 with Barcolors by Robert Waddell // I came across an unusual Bollinger Band setup where they use 100 sma and a 25 (not 20) sma. // I've seen it traded on a 1 hr chart. I noticed that the combo (100 & 25) produced interesting // results with bounces off the hourly chart. you have to load the BB 25 with barcolors // and the BB 100 with Barcolors seperately. Also, repo32's "BuySellEMA" is included in the chart // and provides 8EMA buy/sell signals. If you see something that needs changing, go for it. study(title ="BB 25 with Barcolors", overlay = true) length = input(25, minval=1, title="Length") src = input(close, title="Source") mult = input(2.0, minval=0.001, maxval=50) basis = sma(src, length) dev = mult * stdev(src, length) source = close upperBB = basis + dev lowerBB = basis - dev b1 = plot(basis, color=gray, linewidth=1) p1 = plot(upperBB, color=aqua, linewidth=1) p2 = plot(lowerBB, color=aqua, linewidth=1) ubcrossup = (src < upperBB and src > upperBB ? 1 : 0) ubcrossdown = (src > upperBB and src < upperBB ? 1 : 0) lbcrossup = (src < lowerBB and src > lowerBB ? 1 : 0) lbcrossdown = (src > lowerBB and src < lowerBB ? 1 : 0) crossupbasis = (src < basis and src > basis ? 1 : 0) crossdownbasis = (src > basis and src < basis ? 1 : 0) barcolor(ubcrossup and close > open ? lime : na) barcolor(ubcrossdown and close < open ? red : na) barcolor(lbcrossup and close > open ? lime : na) barcolor(lbcrossdown and close < open ? red : na) barcolor(crossupbasis and close > open ? lime : na) barcolor(crossdownbasis and close < open ? red : na)