Bollinger bands are a type of price envelope developed by John Bollinger, where price envelopes define upper and lower price ranges. Bollinger Bands are envelopes that are represented with a standard deviation above and below a simple moving average of price. Because the spacing of the bands is based on the standard deviation, they adjust for fluctuations in the volatility of the underlying price.
Function
L1 Color Bollinger Band is a common Bollinger Band indicator in algorithm but use different color to differensiate up trend(lime), down trend(red) and sideways (yellow)
1. it can easy see the sections of trends or sideways 2. it can use color change to detect a breakout or trend reversals.
Cons:
1. Some noise is still incorporated in trends 2. different trading pair may require different n1 and s1 settings
Remarks
Simple but intuitive
Readme
In real life, I am a prolific inventor. I have successfully applied for more than 60 international and regional patents in the past 12 years. But in the past two years or so, I have tried to transfer my creativity to the development of trading strategies. Tradingview is the ideal platform for me. I am selecting and contributing some of the hundreds of scripts to publish in Tradingview community. Welcome everyone to interact with me to discuss these interesting pine scripts.
The scripts posted are categorized into 5 levels according to my efforts or manhours put into these works.
Level 1 : interesting script snippets or distinctive improvement from classic indicators or strategy. Level 1 scripts can usually appear in more complex indicators as a function module or element.
Level 2 : composite indicator/strategy. By selecting or combining several independent or dependent functions or sub indicators in proper way, the composite script exhibits a resonance phenomenon which can filter out noise or fake trading signal to enhance trading confidence level.
Level 3 : comprehensive indicator/strategy. They are simple trading systems based on my strategies. They are commonly containing several or all of entry signal, close signal, stop loss, take profit, re-entry, risk management, and position sizing techniques. Even some interesting fundamental and mass psychological aspects are incorporated.
Level 4 : script snippets or functions that do not disclose source code. Interesting element that can reveal market laws and work as raw material for indicators and strategies. If you find Level 1~2 scripts are helpful, Level 4 is a private version that took me far more efforts to develop.
Level 5 : indicator/strategy that do not disclose source code. private version of Level 3 script with my accumulated script processing skills or a large number of custom functions. I had a private function library built in past two years. Level 5 scripts use many of them to achieve private trading strategy.
Hey blackcat, if your reading this, word of advice: Add "blackcat" in square brackets for all your indicator titles. That way, people can easily search up all your indies one search ;)
blackcat1402
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@racer8, thank you for sharing this tip. I will use this method in my next script release: D
Haha...that is new. I have never seen that in the history of code! Neat work. Love that signature :D
blackcat1402
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@racer8, I wish this indicator can be helpful to you:D. I am new in publishing and learn some skills from others to have interesting signatures :D
racer8
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@blackcat1402, at this rate, your going to surpass me one day in number of likes & followers!
blackcat1402
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@racer8, thanks for your encouragement! You still have a lot of experience that I don't have. I hope we can communicate more. I have been writing scripts for the past two years, but I had used them for myself alone. Only recently did I find that I could share some of my ideas with others and I enjoyed the fun.
Maxbrainyak
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Hi, thanks for your work, but I have an error when I passed this code. Can you help me what I did wrong? I simply copy there is and past in my pine script editor.
Processing script...
line 36: The function 'anonym_function_0' should be called on each calculation for consistency. It is recommended to extract the call from the ternary operator or from the scope.
line 36: The function 'anonym_function_1' should be called on each calculation for consistency. It is recommended to extract the call from the ternary operator or from the scope.
line 37: The function 'anonym_function_0' should be called on each calculation for consistency. It is recommended to extract the call from the ternary operator or from the scope.
line 37: The function 'anonym_function_1' should be called on each calculation for consistency. It is recommended to extract the call from the ternary operator or from the scope.
line 38: The function 'anonym_function_0' should be called on each calculation for consistency. It is recommended to extract the call from the ternary operator or from the scope.
line 38: The function 'anonym_function_1' should be called on each calculation for consistency. It is recommended to extract the call from the ternary operator or from the scope.