Bollinger Bands + B%

Overview
This script replicates the robust functionality and visual style of the Bollinger Band studies found in Sierra Chart, adapted for the TradingView environment. It is designed as an "All-in-One" suite that calculates the Bollinger Bands for the main price chart while simultaneously offering advanced oscillator studies (like %B and Bandwidth) in the pane below.

A unique feature of this script is the high degree of customization, particularly the ability to choose different Moving Average types for the Bollinger Band basis, and a dynamic coloration system for the %B indicator.

Key Features

Main Chart Overlay: Draws the Bollinger Bands (Upper, Lower, and Basis) directly on the price chart, even though the script runs in a separate pane.

Advanced %B Indicator: A visually enhanced version of Bollinger Bands %B. It features dynamic coloring based on a midline (default 0.5) and intensifies the colors when the value exceeds the high or low thresholds (simulating a band breakout).

Bollinger Bandwidth: Optional display of the bandwidth to measure volatility (Squeeze detection).

Customizable Calculation: Choose from 6 different Moving Average types to calculate the bands.

Moving Average Types Explained

The standard Bollinger Band uses a Simple Moving Average (SMA). This script allows you to change the mathematical basis of the bands to fit your specific trading strategy:

Simple (SMA): The standard calculation. Every price in the period has equal weight. Best for general use.

Exponential (EMA): Gives more weight to recent prices. Reacts faster to price changes than the SMA.

Weighted (WMA): Assigns a linear weighting factor. Recent data is more important, but the drop-off is smoother than EMA.

Linear Regression (LSMA): Calculates a linear regression line for each point. This is excellent for identifying the prevailing trend direction and "fitting" the price action.

Wilders (RMA): The smoothing method used in the RSI indicator. It reacts very slowly and smooths out significant noise.

Smoothed (SMMA): A blend that takes a broad view of price history. It is very stable and filters out minor market fluctuations effectively.

Settings & Parameters

1. Bollinger Bands (Price-Chart)

Show BB in Main Chart: Toggles the visibility of the bands on the price candles.

Length: The lookback period for the bands (Default: 20).

Standard Deviation: The multiplier for the width of the bands (Default: 2.0).

Moving Average Type: Select the algorithm for the center line (Basis).

2. Study: Bollinger Bands %B

Show %B: Toggles the %B oscillator.

High/Low Threshold: Sets the levels for the "Breakout" warnings (Default: 1.0 and 0.0).

Midline: The center point for the color switch (Default: 0.5).

Green: Value > Midline.

Red: Value < Midline.

Bright Green/Red: Value crosses the High/Low Thresholds.

3. Study: Bollinger Bandwidth

Show Bandwidth: Toggles the volatility measurement line.

Usage Tip:
Since %B (0.0 - 1.0) and Bandwidth (variable scale) use different y-axis scales, it is recommended to only enable one sub-study at a time via the checkboxes to maintain a clean chart view.

Disclaimer: This script is for educational and analytical purposes only. It is a code conversion based on public documentation of Sierra Chart Study ID 14 & 136.

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