rmwaddelljr

BB 25 with Barcolors

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6/19/15 I added confirmation highlight bars to the code. In other words, if a candle bounced off the lower Bollinger band , it needed one more close above the previous candle to confirm a higher probability that a change in investor sentiment has reversed. Same is true for upper Bollinger band bounces. I also added confirmation highlight bars to the 25 sma (the basis). The idea is that lower and upper bands are potential points of support and resistance . The same is true of the basis if a trend is to continue. Nothing moves in a straight line. As with any indicator, it is a tool to be used in conjunction with the art AND science of trading. As always, try the indicator for a time so that you are comfortable enough to use real money. This is designed to be used with "BB 100 with Barcolors"
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// BB 25 with Barcolors by Robert Waddell
// I came across an unusual Bollinger Band setup where they use 100 sma and a 25 (not 20) sma.
// I've seen it traded on a 1 hr chart.  I noticed that the combo (100 & 25) produced interesting
// results with bounces off the hourly chart.  you have to load the BB 25 with barcolors
// and the BB 100 with Barcolors seperately.  Also, repo32's "BuySellEMA" is included in the chart
// and provides 8EMA buy/sell signals.  If you see something that needs changing, go for it.


study(title ="BB 25 with Barcolors", overlay = true)
length = input(25, minval=1, title="Length") 
src = input(close, title="Source")
mult = input(2.0, minval=0.001, maxval=50)
basis = sma(src, length)
dev = mult * stdev(src, length)
source = close
upperBB = basis + dev
lowerBB = basis - dev
b1 = plot(basis, color=gray, linewidth=1)
p1 = plot(upperBB, color=aqua,  linewidth=1)
p2 = plot(lowerBB, color=aqua, linewidth=1)


ubcrossup = (src[1] < upperBB[1] and src > upperBB ? 1 : 0)
ubcrossdown = (src[1] > upperBB[1] and src < upperBB ? 1 : 0)
lbcrossup = (src[1] < lowerBB[1] and src > lowerBB ? 1 : 0)
lbcrossdown = (src[1] > lowerBB[1] and src < lowerBB ? 1 : 0)
crossupbasis = (src[1] < basis[1] and src > basis ? 1 : 0)
crossdownbasis = (src[1] > basis[1] and src < basis ? 1 : 0)
confirmlbup = (src[2] < lowerBB[2] and src[1] > lowerBB[1] and src > src[1] ? 1 : 0)
confirmlbdown = (src[2] > lowerBB[2] and src[1] < lowerBB[1] and src < src[1] ? 1 : 0)
confirmubup = (src[2] < upperBB[2] and src[1] > upperBB[1] and src > src[1] ? 1 : 0)
confirmubdown = (src[2] > upperBB[2] and src[1] < upperBB[1] and src < src[1] ? 1 : 0)
confirmbasisup = (src[2] < basis[2] and src[1] > basis[1] and src > src[1] ? 1 : 0)
confirmbasisdown = (src[2] > basis[2] and src[1] < basis[1] and src < src[1] ? 1 : 0)


barcolor(ubcrossup and close > open ? lime : na)
barcolor(ubcrossdown and close < open ? red : na)
barcolor(lbcrossup and close > open ? lime : na)
barcolor(lbcrossdown and close < open ? red : na)
barcolor(crossupbasis and close > open ? lime : na)
barcolor(crossdownbasis and close < open ? red : na)
barcolor(confirmlbup ? yellow : na)
barcolor(confirmlbdown ? fuchsia : na)
barcolor(confirmubup ? yellow : na)
barcolor(confirmubdown ? fuchsia : na)
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