MULTI-TF AVERAGE BBANDS - with signals (BETA) Overall, it shows where the price has support and resistance, when it's breaking through, and when its relatively low/high based on the magic of standard deviation. created by gamazama. send me a shout if u find this useful, or if you create something cool with it.
%BB: The price's position in the boilinger band is converted to a range from 0-1. The midpoint is at 0.5
Description of parameters "BB:Window Length" is the standard BB size of 20 candles.
The indicator plots up to 7 different %BB's on different timescales They are calculated independently of the timescale you are viewing eg 12h, 3d, 30m will be the same output You can enter 7 timescales, eg. if you want to plot a range of bbands of the 12h up to 3d graphs, enter values between 0.5 and 3 (days) - you can also select 0 to disable and use less timescales, or select hours or minutes Take note if you eg. double the main multiplier to 40, it is the same as doubling all your timescales You can turn the transparency of the 7 x %BB's to 100 to hide them, their average is plotted as a thick cyan line
"Variance" is a measure of how much the 7 BB's agree, and changes colour based on the thresholds used for the strategy
---- TO START FROM SCRATCH ---- - set all except one [bband] to ZERO (0), set [BB:Volume Weight] to 0, and everything after [Show Signal Range] to 0. Turn ON [SETTING MODE] and right click -> move the indicator to a new pane - this will show you the internal workings of the indicator.
Then there is a few standard settings "Source Smoothing Amount" applies a basic small sma on the price. It should be turned down when viewing candles with less information, like 1D or more. Standard BBands use an SMA, there one uses a blend between VWMA or SMA Volume Weight settings, the same as SMA at 0, and the same as VWMA at 1
BB^2 is a bband drawn around the average %BB. Adjust the [Signal Width (multiplier)] to change its window length The BB^2 changes color when price moves up or down
Now its time to look at the parameters which affect the buy/sell signals turn on "show signal range" - you see some red lines buy and sell each have 4 settings min/max variance will affect the brigtness of the signal range range adjust will move the range up/down mix BB^2 blends between a straight line (0) and BB^2's top or bottom (1)
a threshold of "variance" and "h/l points" is available to generate weaker signals. these thresholds can be increased to show more weak signals
ONCE YOU ARE HAPPY WITH THE SIGNALS being generated, you can turn OFF [SETTING MODE], and move it back to the price pane the indicator then draws a bband around the price to maps some info into the chart: [show middle band] fills a colour between 0.5 & the mid BB^2 and converts relative to the price chart [show midmidline] draws a line in the middle of the midband. [display width] controls how much these lines diverge from the price - adjust it to reduce noise [show signal range] converts the signal range (red lines) to be relative to the price chart
if you like, you can adjust the sell & buy signals in the [style] tab from [bottom] and [top] to [below bar] and [above bar] to match the picture. It messes with auto-scaling when moving back to [SETTING MODE] though
enjoy, I hope that is easy enough to understand, still trying to make this more user-friendly. If you want to send me some token of appreciation - btc: 33c2oiCW8Fnsy41Y8z2jAPzY8trnqr5cFu I promise it will put a fat smile on my face
this is very nice actually!) I wish it could work on 5 min tf))
SCALPER_PRO_TRADING
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Thanks a lot for posting this,
need your help,
i want to plot weighted close indicator, but its not available, can you please share the code for this indicator.
[( close*2 + high + close ) / 4 ] and this needs to be calculated for 14 period
please help
Thanks
gamazama
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I noticed, too late, that tradingview removed all my labels from the instructions making it unreadable :(