BB %B : Madrid : 06/JUN/2014 23:36 : 2.0
This displays the distance from the lower band in terms of percentage. The farther it is from the basis line, the stronger the trend.
When the price exceeds 100% or it's below 0% it means the price has reached an overbought (above 100) or oversold (below 0) level.
This displays the distance from the lower band in terms of percentage. The farther it is from the basis line, the stronger the trend.
When the price exceeds 100% or it's below 0% it means the price has reached an overbought (above 100) or oversold (below 0) level.
// BB %B : Hector R. Madrid : 06/JUN/2014 23:36 : 1.0
// This displays the distance from the lower band in terms of percentage
// The farther it is from the basis line, the stronger the trend.
// When the price exceedes the 100% or it's below 0% it means the price has
// reached an overbought (above 100) or oversold (below 0) level.
study(title = "Madrid Bollinger Bands %D", shorttitle = "MBB %D", precision=0)
src = input(close, type="source")
length = input(34, minval=1, type=integer)
mult = input(2.0, minval=0.001, maxval=50, type=float)
smooth = input(defval=true, type=bool)
basis = sma(src, length)
dev = stdev(src, length)
dev2 = mult*dev
upper1 = basis + dev
lower1 = basis - dev
upper2 = basis + dev2
lower2 = basis - dev2
bbr = smooth ? sma((src - lower2)/(upper2 - lower2) * 100, 3)
: (src - lower2)/(upper2 - lower2) * 100
bbrMA = ema(bbr, 13)
// Output
bbrColor = bbr >=50 ? blue : orange
plot(bbr, color=bbrColor, linewidth=2)
hline(0, color=orange, linewidth=1, linestyle=dotted)
hline(100, color=navy, linewidth=1, linestyle=dotted)
hline(50, color=gray, linewidth=1, linestyle=dotted)
