SpreadEagle71

High Low Bollinger Bands

346 0 47
Better than Bollinger Bands for finding extreme points timed by an oscillator where the price is statistically likely to stay inside the boundaries.
Good for setting credit spreads such as call and put vertical spreads.
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study(shorttitle="HL BB", title="High Low Bollinger Bands", overlay=true)
length = input(20, minval=1)
src = input(low, title="Source")
src2 = input(high, title="Source2")
mult = input(3.0, minval=0.001, maxval=50)
mult2 = input(3.0, minval=0.001, maxval=50)
basis = sma(src, length)
basis2 = sma(src2, length)
dev = mult * stdev(src, length)
dev2= mult2 * stdev(src2,length)
upper = basis2 + dev2
lower = basis - dev
plot(basis, color=orange)
plot(basis2,color=orange)
p1 = plot(upper, color=red)
p2 = plot(lower, color=blue)
fill(p1, p2)
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