Bollinger Imbalance Oscillator
The Bollinger Imbalance Oscillator is used for *mean reversion* purposes only.
It uses Double Bollinger deviation levels to determine each level of perceived imbalance.
When price start to revert to its mean after an imbalance, small char-type arrows appear to assist with direction.
This oscillator also includes a squeeze feature on the center-line, based on average %B width calculation: black-squeeze, silver-release.
***Caution: not for use on higher time frames... 1 min chart is preferred!
It uses Double Bollinger deviation levels to determine each level of perceived imbalance.
When price start to revert to its mean after an imbalance, small char-type arrows appear to assist with direction.
This oscillator also includes a squeeze feature on the center-line, based on average %B width calculation: black-squeeze, silver-release.
***Caution: not for use on higher time frames... 1 min chart is preferred!
Release Notes:
Added a line of code that keeps the oscillator centered at all times.
Grayed out the char arrows (but kept them in the script if you want to reactivate).
Added a signal line in place of the char arrows.
Grayed out the char arrows (but kept them in the script if you want to reactivate).
Added a signal line in place of the char arrows.