indicator · own pane · open source
Bollinger %B
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About
Bollinger %B plots where price sits inside its Bollinger Bands, scaled 0-1. Above 1 = above upper band, below 0 = below lower band.
- Reads 0-20% = stretched down, 80-100% = stretched up.
- Crossover of 1.0 or 0.0 flags band breaks.
- Pair with Bandwidth for squeeze detection.
Source code
//@version=5
indicator("Bollinger %B", overlay=false)
len = input.int(20, "Length", minval=2, maxval=200)
mult = input.float(2, "Mult", minval=0.5, maxval=5, step=0.1)
src = input.source("close", "Source")
[m, u, l] = ta.bb(src, len, mult)
pb = (src - l) / (u - l)
hline(1, "Upper Band", color=color.gray, linestyle=hline.style_dashed)
hline(0, "Lower Band", color=color.gray, linestyle=hline.style_dashed)
hline(0.5, "Midline", color=color.gray, linestyle=hline.style_dotted)
p__B = plot(pb, "%B", color=color.blue, linewidth=2)
alertcondition(ta.crossover(pb, 1), "%B above upper", "Price closed above upper band")
alertcondition(ta.crossunder(pb, 0), "%B below lower", "Price closed below lower band")
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