Customized Double Bollinger Bands

🌐 English Version

This indicator combines two Bollinger Bands to visualize both short-term and extreme volatility zones on the same chart.
While a standard Bollinger Band shows how far price deviates from its mean,
this customized version displays two standard deviation ranges, allowing traders to distinguish between mild and extreme volatility conditions.

Band 1 (StdDev 0.5) captures short-term fluctuations near the price average,
while Band 2 (StdDev 3.0) highlights overbought or oversold conditions at market extremes.

When the distance between the two bands widens, volatility is increasing;
when it narrows, the market is stabilizing or preparing for a breakout.

ㆍPrice breaking above Band 2 → Potential overbought or strong bullish trend
ㆍPrice falling below Band 2 → Possible oversold or bearish continuation
ㆍBands tightening → Volatility compression, potential reversal zone

This indicator is designed primarily for volatility visualization rather than directional prediction.
For higher accuracy, use it alongside RSI, MACD, or trend-based indicators.

Developed by wjdtks255