SignalFi

[SignalFI] SpectroBB [OSC]

Hi All,

Giving back here with a unique way to view multiple bollinger band trends and their associated extremes.

This script is compiled with 5 different bollinger band lengths to show how price not only adheres to the main SMA trend of the BB, but also how price is crossing over/under BB price extremes for each length.

By default, fib values are used, but lengths can be edited within the options.

UPPER RED FIELD:
This is a graphical representation of the UPPER band of the BB trends. As price (close) gets closer or further away from the upper limit of the BB band, colors will change from red to blue. In times of extreme volatility these fields will be BLUE (by default), indicating that price is riding above the standard deviation values of the BB source bands.

MIDDLE FIELD:
This is a graphical representation of the BB band's center line. As price (close) crosses above or below the BB midline, the color will change from BLUE (above) to RED (below).The CENTER of the this field is a COMBINED trend line that shows all 5 bollinger band midlines within ONE line.

LOWER BLUE FIELD:
This is a graphical representation of the LOWER band of the BB trends. As price (close) gets closer or further away from the lower limit of the BB band, colors will change from blue to red. In times of extreme volatility these fields will be RED (by default), indicating that price is riding below the standard deviation values of the BB source bands.

COLORED CIRCLES ON UPPER AND LOWER FIELDS:
These signals indicate when price has crossed a BB band level AND crossed BACK under(for high band) and over (for low band). In terms of standard BB usage, these signals indicate when price has pierced a standard deviation level of the BB band, but then has fallen/risen BACK above the band within the SAME candle. These signals are indicative of potential reversal points.

Multiple circle signals are triggered in succession, indicate that price is rising or falling above/below the multiple BB lengths defined within the options of the script. While standard BB hands are limited in their ability to accurately account for LONGER or SHORTER term trends, having multiple different BB bands with varying lengths can provide additional context for longer trends against standard BB trend information.

Enjoy!

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