%Bs
An indicator with 10 configurable %B lines for identifying trends, overbought and oversold conditions, and reversal points. %B is a linear representation of a securities relationship to the Upper and Lower Bollinger Bands. The best opportunities arise when a security is oversold in a bullish trend and overbought in a bearish trend. The longer %B trend-lines in this indicator are very useful for major reversals. They can be used to indicate the high or low of the day on a 1-minute chart or show a multi-year reversal point.
%B = (Current Price - Lower Band) / (Upper Band - Lower Band)
%B = (Current Price - Lower Band) / (Upper Band - Lower Band)
//%B’s by NVRSTPEXPLORING //%B is a linear representation of a securities relationship to the Upper and Lower Bollinger Bands //It is useful for identifying overbought and oversold conditions //The best opportunities arise when a security is oversold in a bullish trend and overbought in a bearish trend //The longer %B Trendlines are very useful for major reversals. They can indicate the high or low of the day on a 1minute chart or show a multi-year reversal point. //%B = (Current Price - Lower Band) / (Upper Band - Lower Band) study(title = "Bollinger Bands %B's", shorttitle = "%B") src = input(close, title="Source") mult = input(2.0, minval=0.001, maxval=50) sh1 = input(title='Hide 2584?', type=bool, defval=false) sh2 = input(title='Hide 1597?', type=bool, defval=false) sh3 = input(title='Hide 987?', type=bool, defval=false) sh4 = input(title='Hide 610?', type=bool, defval=false) sh5 = input(title='Hide 377?', type=bool, defval=false) sh6 = input(title='Hide 233?', type=bool, defval=false) sh7 = input(title='Hide 144?', type=bool, defval=false) sh8 = input(title='Hide 89?', type=bool, defval=false) sh9 = input(title='Hide 55?', type=bool, defval=false) sh10 = input(title='Hide 34?', type=bool, defval=false) // length1 = input(2584, minval=1) basis1 = sma(src, length1) dev1 = mult * stdev(src, length1) upp1 = (basis1 + dev1) low1 = (basis1-dev1) bb1 = (src-low1)/(upp1-low1) p1 = plot(sh1? na: bb1,color= bb1>=1? #d3582f: bb1 <=0? #235a4a: #4A235A,title='2584', linewidth=4, transp=45) // length2 = input(1597, minval=1) basis2 = sma(src, length2) dev2 = mult * stdev(src, length2) upp2 = (basis2 + dev2) low2 = (basis2-dev2) bb2 = (src-low2)/(upp2-low2) p2 = plot(sh2? na: bb2, color= bb2>=1? #d3582f: bb2 <=0? #235a4a: #4A235A,title='1597', linewidth=3, transp=40) // length3 = input(987, minval=1) basis3 = sma(src, length3) dev3 = mult * stdev(src, length3) upp3 = (basis3 + dev3) low3 = (basis3-dev3) bb3 = (src-low3)/(upp3-low3) p3 = plot(sh3? na: bb3, color= bb3>=1? #d3582f: bb3 <=0? #235a4a: #4A235A,title='987', linewidth=3, transp=35) // length4 = input(610, minval=1) basis4 = sma(src, length4) dev4 = mult * stdev(src, length4) upp4 = (basis4 + dev4) low4 = (basis4-dev4) bb4 = (src-low4)/(upp4-low4) p4 = plot(sh4? na: bb4,color= bb4>=1? #d3582f: bb4 <=0? #235a4a: #4A235A,title='610', linewidth=3, transp=30) // length5 = input(377, minval=1) basis5 = sma(src, length5) dev5 = mult * stdev(src, length5) upp5 = (basis5 + dev5) low5 = (basis5-dev5) bb5 = (src-low5)/(upp5-low5) p5 = plot(sh5? na: bb5, color= bb5>=1? #d3582f: bb5 <=0? #235a4a: #4A235A,title='377', linewidth=3, transp=25) // length6 = input(233, minval=1) basis6 = sma(src, length6) dev6 = mult * stdev(src, length6) upp6 = (basis6 + dev6) low6 = (basis6-dev6) bb6 = (src-low6)/(upp6-low6) p6 = plot(sh6? na: bb6, color= bb6>=1? #d3582f: bb6 <=0? #235a4a: #4A235A,title='233', linewidth=2, transp=20) // length7 = input(144, minval=1) basis7 = sma(src, length7) dev7 = mult * stdev(src, length7) upp7 = (basis7 + dev7) low7 = (basis7-dev7) bb7 = (src-low7)/(upp7-low7) p7 = plot(sh7? na: bb7, color= bb7>=1? #d3582f: bb7 <=0? #235a4a: #4A235A,title='144', linewidth=2, transp=15) // length8 = input(89, minval=1) basis8 = sma(src, length8) dev8 = mult * stdev(src, length8) upp8 = (basis8 + dev8) low8 = (basis8-dev8) bb8 = (src-low8)/(upp8-low8) p8 = plot(sh8? na: bb8, color= bb8>=1? #d3582f: bb8 <=0? #235a4a: #4A235A,title='89', linewidth=2, transp=10) // length9 = input(55, minval=1) basis9 = sma(src, length9) dev9 = mult * stdev(src, length9) upp9 = (basis9 + dev9) low9 = (basis9-dev9) bb9 = (src-low9)/(upp9-low9) p9 = plot(sh9? na: bb9, color= bb9>=1? #d3582f: bb9 <=0? #235a4a: #4A235A,title='55', linewidth=1, transp=5) // length10 = input(34, minval=1) basis10 = sma(src, length10) dev10 = mult * stdev(src, length10) upp10 = (basis10 + dev10) low10 = (basis10-dev10) bb10 = (src-low10)/(upp10-low10) p10 = plot(sh10? na: bb10, color= bb10>=1? #d3582f: bb10 <=0? #235a4a: #4A235A,title='34', linewidth=1, transp=0) // band1 = hline(1, color=#800000, linestyle=dashed, linewidth=1) band0 = hline(0, color=#008000, linestyle=dashed, linewidth=1) fill(band1, band0, color=#2f235a)