Hello Traders. in this script, Bollinger bands are made based on a standard deviation with respect to Fibonacci ratios. I hope you can be satisfied. If you are satisfied with this script, please like and feel free to share your comments with me.
Teal Upper and Lower B-Bands = 1.0 Standard Deviation Aqua Upper and Lower B-Bands = 1.618 Standard Deviation Orange Upper and Lower B-Bands = 2.618 Standard Deviation Red Upper and Lower B-Bands = 3.618 Standard Deviation Purple Upper and Lower B-Bands = 4.236 Standard Deviation
you can use this indicator by clicking the button (Add to Favorite Scripts) and then add it to your chart from (Fx) section.
Release Notes
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Thanks for the tip from @fareidzulkifli , the script has been updated with new changes
@Siniorone i like the idea, but cant help to think that your description is a bit off with how u code it, because your mult is defaulted to 2, shouldn’t your teal referring to 2 std deviation? And same goes to the other fib band, e.g. the aqua band, instead of 1.618 std dev, it should be described as 1.618 times mult of std dev?
Siniorone
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@fareidzulkifli, tnx for your comment , your remark was taken into consideration and script is updated
AltrusisticLuck
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Nice job! ☀️ I’m looking for bollinger with fib-deviations and HTF like this but with EMA Option This is the best so far! ☀️
Rzgar_Espo
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Thank you! for those who wonders how to use this indicator: This indicator helps you to set a reasonable price targets related to those probability levels in any given timeframe. If your target is 5% from the open price, but 1 StdDev of the move is equal to 0.5% than you know probability is against you. Search for The Empirical Rule or 68-95-99.7% Rule in trading to know more.