It's showing the Bollinger Bands in red when the market is detected as flat.
You can adjust the Width Threshold with precision on the inputs settings.
Play with "StdDev" and "Threshold Width" to get better results depending the pairs and timeframes you using
Before this update, the alerts was only take in consideration the Bollinger Bands filter and not the ATR Filter.
Now it's take ATR filter option in consideration
- You can now choose the Bollinger Bands Width Threshold in %:
To do it, select the "Threshold Type" to "%". it will use the "Threshold Width in %" value.
You still be able to use the old version by select the "Threshold Type" to "Ticks". it will use the "Threshold Width in Ticks (Old version)" value.
If you use alerts on this indicator, always setup your alerts trigger to "Once Per Bar Close" to avoid false signals.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.