sh3rmfx

Bollinger Fanboy

To use this indicator. Set pending orders to enter at "Entry", stoploss at "Stop", and profit at "Exit". Close pending order after 10 bars if it doesn't open.

Please use this at your own risk. By using this indicator you are agreeing that I am in no way liable for any financial losses that may occur indirectly or directly as a result of using this indicator.

Copyright 2014 Michael Edwards ((info@bollingerfanboy.com))
Bollingfanboy.com
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study(title="Bollinger Fanboy", shorttitle="Bollinger Fanboy", overlay=true)

bf_middle = sma(close, 20)
bf_top = bf_middle + (stdev(close, 20) * 2)
bf_bottom = bf_middle - (stdev(close, 20) * 2)

bf_short_entry = low
bf_short_stop = high
bf_short_exit = low - ((high-low) * 1.5)

bf_long_entry = high
bf_long_stop = low
bf_long_exit = high + ((high-low) * 1.5)

bf_long = close < bf_middle ? (close > bf_bottom ? true : false) : false
bf_short = close > bf_middle ? (close < bf_top ? true : false) : false

bf_lowest = low == lowest(10) ? ( low < bf_bottom ? true : false ) : false
bf_highest = high == highest(10) ? ( high > bf_top ? true : false ) : false

bf_go_long = bf_long ? ( bf_lowest ? ( bf_long_exit < bf_middle ? true : false ) : false ) : false
bf_go_short = bf_short ? ( bf_highest ? ( bf_short_exit > bf_middle ? true : false ) : false ) : false

bf_enter = bf_go_long ? bf_long_entry : ( bf_go_short ? bf_short_entry : bf_enter[1] )
bf_exit = bf_go_long ? bf_long_exit : ( bf_go_short ? bf_short_exit : bf_exit[1] )
bf_stop = bf_go_long ? bf_long_stop : ( bf_go_short ? bf_short_stop : bf_stop[1] )

plot(bf_enter == bf_enter[10] ? na : bf_enter, title="Entry", color=orange, style=circles)
plot(bf_enter == bf_enter[10] ? na : bf_exit, title="Exit", color=green, style=circles)
plot(bf_enter == bf_enter[10] ? na : bf_stop, title="Stop", color=red, style=circles)
can you explain this indicator, what it does, for example
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sh3rmfx pcmourao
Please use this version
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