High Low Bollinger Bands
Better than Bollinger Bands for finding extreme points timed by an oscillator where the price is statistically likely to stay inside the boundaries.
Good for setting credit spreads such as call and put vertical spreads.
Good for setting credit spreads such as call and put vertical spreads.
study(shorttitle="HL BB", title="High Low Bollinger Bands", overlay=true) length = input(20, minval=1) src = input(low, title="Source") src2 = input(high, title="Source2") mult = input(3.0, minval=0.001, maxval=50) mult2 = input(3.0, minval=0.001, maxval=50) basis = sma(src, length) basis2 = sma(src2, length) dev = mult * stdev(src, length) dev2= mult2 * stdev(src2,length) upper = basis2 + dev2 lower = basis - dev plot(basis, color=orange) plot(basis2,color=orange) p1 = plot(upper, color=red) p2 = plot(lower, color=blue) fill(p1, p2)
