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!
Release Notes
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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.