Bullcrazy

Triple Bollinger Bands

I found myself using multiple bollinger bands a lot so I decided to add them all to one script and add the ability to adjust them by 0.2. It has helped me by not taking up as much space in the upper left corner as well as improving my in's and outs of trend continuation trades. If you manage to find a double top at +2 or greater deviation, and with a bearish divergence on the RSI as shown in this picture, GO SHORT SON! This was a fast and easy 35 - 40 pips and if you used your fibonacci for an exit you had little doubt of the final result and could have even been prepared for an immediate reversal knowing you were then at an oversold -2.8 deviation. I could go on and on........
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study(shorttitle="BBx3", title="Triple Bollinger Bands", overlay=true)
length = input(20, minval=1)
src = input(close, title="Source")
mult = input(1.0, minval=0.001, maxval=10, step=0.2)
basis = sma(src, length)
dev = mult * stdev(src, length)
upper = basis + dev
lower = basis - dev

mult2 = input(2.0, minval=0.001, maxval=10, step=0.2)
dev2 = mult2 * stdev(src, length)
upper2 = basis + dev2
lower2 = basis - dev2

mult3 = input(3.0, minval=0.001, maxval=10, step=0.2)
dev3 = mult3 * stdev(src, length)
upper3 = basis + dev3
lower3 = basis - dev3

plot(basis, color=red) //sma
p1a = plot(upper, color=orange)
p1b = plot(lower, color=orange)

p2a = plot(upper2, color=yellow)
p2b = plot(lower2, color=yellow)

p3a = plot(upper3, color=red)
p3b = plot(lower3, color=green)

fill(p3a, p3b, color=white)  
//there are many ways to shade this, including alternating colors 
//or have the more extreme deviations a special color by filling in between 3a and 2a then 3b and 2b, very similar to the rsi buy and sell colors
Not too bad for just 30 LOC (lines of code)
+1 Reply
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