UCS_BB %B with BB — Indicator by UDAY_C_Santhakumar

A sneaky way to notice the real overbought and oversold levels with BB%B.

Uday C Santhakumar

Open-source script

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.

Disclaimer

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Want to use this script on a chart?

study(title = "Bollinger Bands %B Bollinger Bands", shorttitle = "BB %B BB")
source = close
length = input(20, minval=1), mult = input(2.0, minval=0.001, maxval=50)
basis = sma(source, length)
dev = mult * stdev(source, length)
upper = basis + dev
lower = basis - dev
bbr = (source - lower)/(upper - lower)
plot(bbr, color=teal)

basisa = sma(bbr, length)
deva = mult * stdev(bbr, length)
uppera = basisa + deva
lowera = basisa - deva
plot(basisa, color=red)
p1 = plot(uppera, color=blue)
p2 = plot(lowera, color=blue)
fill(p1, p2)