is a classic indicator that uses a of 20 periods, along with plots of upper and lower bands that are 2 standard deviations away from the basis line. These bands help visualize price and trend based on where the price is, in relation to the bands.
Bollinger Bands filter plots a long signal when price closes above the upper band and plots a short signal when price closes below the lower band. It doesn't take into account any other parameters such as / / Fundamentals etc, so user must use discretion based on confirmations from another indicator or based on fundamentals.
The filter works great when the price closes above/below upper/lower bands with continuation on next bar. It is definitely useful to have this filter along with other indicators to get early glimpse of breach/fail of bands on candle close during BB squeeze or based on .
This can be used on Heikin Ashi candles for spotting trends, but HA candles are not recommended for trade entries as they don't reflect true price of the asset.
This filter's default is 55 and 1 standard deviation, but these can be changed from settings.
It is definitely worth reading the 22 rules of Bands written by John .
1. Alerts can be created for long and short signals using "Once per bar close".
2. The indicator doesn't repaint.
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.
Free Scripts - http://bit.ly/Free-Scripts
I use it in my chart and I set the alert both for long and short signal. However, I found that there is no alert triggered for short signal. For the long signal happened, both long and short signal were triggered at the same time.
I check the code. Is it due to the error at line 83 ?
If so, can you fix it? Thank you.