ClassicScott

+ BB %B: MA selection, bar coloring, multi-timeframe, and alerts

+ %B is, at its simplest, the classic Bollinger Bands %B indicator with a few added bells and whistles.
However, the right combination of bells and whistles will often improve and make a more adaptable indicator.

Classically, Bollinger Bands %B is an indicator that measures volatility , and the momentum and strength of a trend, and/or price movements.
It shows "overbought" and "oversold" spots on a chart, and is also useful for identifying divergences between price and trend (similar to RSI ).
With + %B I've added the options to select one or two moving averages, candle coloring, and a host of others.

Let's start with the moving averages:
There are options for two: one faster and one slower. Or combine them how you will, or omit one or both of them entirely.
Here you will find options for SMA , EMA (as well as double and triple), Hull MA, Jurik MA, Least Squares MA , Triangular MA, Volatility Adjusted MA, and Weighted MA.
A moving average essentially helps to define trend by smoothing the noise of movements of the underlying asset, or, in this case, the output of the indicator.
All of these MAs available track this in a different way, and it's up to the trader to figure out which makes most sense to him/her.
MA's, in my opinion, improve the basic %B by providing a clearer picture of what the indicator is actually "seeing", and may be useful for providing entries and exits.

Next up is candle coloring:
I've added the option for this indicator to color candles on the chart based on where the %B is in relation to its upper and lower bounds, and median line .
If the %B is above the median but below the upper bound, candles will be green (showing bullish market structure). If %B is below the median but above the lower bound, candles will be red (denoting bearish market structure).
Overbought and oversold candles will also be colored on the chart, so that a quick glance will tell you whether price action is bullish / bearish or "oversold"/"overbought".
I've also added functionality that enables candles to be colored based on if the %B has crossed up or crossed down the primary moving average.
One example as a way to potentially use these features is if the candles are showing oversold coloration followed by the %B crossing up your moving average coloration. You might consider a long there (or exit a short position if you are short).

And the last couple of tweaks:
You may set the timeframe to whatever you wish, so maybe you're trading on the hourly, but you want to know where the %B is on the 4h chart. You can do that.
The background fill for the indicator is split into bullish and bearish halves. Obviously you may turn the background off, or make it all one color as well.
I've also added alerts, so you may set alerts for "overbought" and "oversold" conditions.
You may also set alerts for %B crossing over or under the primary moving average, or for crossing the median line .
All of these things may be turned on and off. You can pretty much customize this to your heart's delight. I see no reason why anyone would use the standard %B after playing with this.

I am no coder. I had this idea in my head, though, and I made it happen through referencing another indicator I was familiar with, and watching tutorials on YouTube.

Credits:
Firstly, thanks to https://www.tradingview.com/u/ZenAndTheA... for his brilliant, free tutorials on YouTube.
Secondly, thanks to https://www.tradingview.com/u/Mihkel00/ for his beautiful SSL Hybrid indicator (and his clean code) from which I obtained the MAs.

Please enjoy this indicator, and I hope that it serves you well. :)
Sürüm Notları:  
Sürüm Notları: Added bar coloring for Moving Average crosses.

Typically MA crosses lag a lot, and using them for trade entries or exits is less than ideal. In this instance the idea is to smooth the action of the %B indicator by using the Primary Moving Average to smooth the %B (set it to a very short length), and then use the Secondary Moving Average as your signal for trade entries and/or exits.

If you do this I would turn off the actual %B and %B MA crossing candle colors, and just use the MA crossing candle colors, otherwise it’s just a messy chart and a messy indicator.

Also, if you're already using the indicator you might notice that the default source setting is as 'hl2'. This is because hl2 produces a smoother line versus simply using the close of the period
Sürüm Notları: Added Modular Filter as a moving average type.
Changed default source to hlc3

Furthermore, as I had a couple of issues with updates of this in the past, I'm going to reiterate the additions, and why I made them, prior to this iteration.

Added bar coloring for Moving Average crosses.

Typically MA crosses lag a lot, and using them for trade entries or exits is less than ideal. In this instance the idea is to smooth the action of the %B indicator by using the Primary Moving Average to smooth the %B (set it to a very short length), and then use the Secondary Moving Average as your signal for trade entries and/or exits.

If you do this I would turn off the actual %B and %B MA crossing candle colors, and just use the MA crossing candle colors, otherwise it’s just a messy chart and a messy indicator.

Also, the default source setting is set as 'hlc3'. This is because hlc3 produces a smoother line versus simply using the close of the period, and that is my preferred way of measuring price movement with an indicator.
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Yorumlar

Brother could you put a list of the colors of the candles along with their emas to know when to enter or leave? Well, if you can, bro, thanks for your contribution, I like it and I would like to try to understand it a little more to recommend it to many people.
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ClassicScott rosasariasalexander7
@rosasariasalexander7, All the information you need is in the description and on the chart. Green candles if the %B is above the mid-line (and not in overbought), and red candles if it is below the mid-line (and not in oversold). You can change them to whatever colors you want, as well.

Other candle colors are for overbought and oversold conditions, OR if the %B crosses the primary moving average, OR if the primary moving average crosses the secondary moving average. You can turn those candles on and off also, so that your chart isn't a rainbow of colors.

You can change the moving averages to whatever you want to use, also. You don't have to use EMAs.
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nice
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Nice work 🍻
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@cc247, Thanks much! Hope you enjoy it! I just updated it a few hours ago, giving an additional option on how it could be used.
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