Here is a script to use 3 types of Bollinger Bands.
It is like three resistances or ranges in wich the Chart generally likes to move. A 1, 2 and 3 Width BB. The Chart moves 90% between the yellow one.
As support for my study i use the 13 EMA. is the Chart over the 13 EMA and under the Yellow (2) BB the trend is bullish. Is t under the 13 EMA and over the Yellow BB the trend used to be bearish.
The opener the BB are the more Volatilaty and the more likely the Chart will not bounce against the Bands. It will more get stick to the yellow or red one (if it is between them it is a trend too) and will follow up or downwards.
Red: "Stop - you shall not pass!",
Yellow: "Go back where you came from - reverse",
Green: "This is my comfort Zone"
Cashflowjaque
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This is my first try ever. So Sorry for my horrible description. It was just a raw explanation of things i wanted to explain. Didn't know that i cant change it in future. So here a better explanation:
Here is a script to use the 3 Bollinger Bands Bundle.
With this trading style you can see a kind of moving resistance and range following the current chart.
The A 1, 2 and 3 Deviation are three kind of zones. The Chart moves round about 90% between the yellow (BB 2) lines. So a touch of the yellow band predicts a high chance of a reverse.
A Squeeze of the Bands marks a beginning of a strong move.
A Bulge marks the end of a move.
(----> to predict this beginnings and ends you can also use the Bollinger Bands Width Indicator, Scaled between 1 and zero. If the Indicator is high the bands are open and a end of a move is close. Is the Width Indicator is low a beginning of a move is close)
As an extra support for my study i use the 13 EMA (red) and 21 EMA (blue). If the Chart is over the 13 EMA and under the Yellow BB 2, the trend is bullish. Is the price action under the 13 EMA and over the Yellow BB the trend used to be bearish. The 21 EMA is more or less the middle Line (normally its the 20 SMA). With that i have a second conformation for the change of a trend. (I also put the 30 SMA in the Settings for the TRI Trend indication, but with that extra line the Chart would messed up with too many lines. But its also usable.)
Small strategy: After a trend, means: the price is moving really close at the yellow or red Bands in one direction wait for a snap back over in a bull market, under in a bear market. If you have then Market structure like a "M" or "W" you take a trade in the validated direction (M short - W long) As stops use the Top or Low of the Structure. for more validation also wait for an open Bulge (check the BB Width indicator if you want.)
You can change many things in the Settings to your own preferences.
Red: "Stop - you shall not pass!",
Yellow: "Go back where you came from - reverse",
Green: "This is my comfort Zone"