OPEN-SOURCE SCRIPT
Bollinger Bands Indicator
How to Use the Indicator:
Bollinger Bands Overview:
Upper Band: When the price touches or crosses the upper band, it might be overbought, signaling that the price could soon reverse downward.
Lower Band: When the price touches or crosses the lower band, it might be oversold, signaling that the price could soon reverse upward.
Middle Line (Basis/SMA): The middle line is often considered a neutral zone, and the price moving away from it can signify strength or weakness in the trend.
Buy Signal:
A buy signal is generated when the price crosses upward through the lower band. This suggests that the price has potentially reversed from an oversold condition.
Example Use: If the price has fallen to the lower Bollinger Band and starts to rise above it, this could be seen as a buying opportunity, especially if combined with other indicators like RSI or MACD.
Sell Signal:
A sell signal is generated when the price crosses downward through the upper band. This suggests that the price might have reached an overbought condition and could reverse downward.
Example Use: If the price rises to the upper Bollinger Band and starts to fall below it, this could be seen as a selling or shorting opportunity.
Setting Alerts:
You can set alerts for Buy and Sell signals so that you get notifications when the price crosses the upper or lower bands.
Buy Alert: Set an alert for when the price crosses above the lower Bollinger Band.
Sell Alert: Set an alert for when the price crosses below the upper Bollinger Band.
Bollinger Bands Overview:
Upper Band: When the price touches or crosses the upper band, it might be overbought, signaling that the price could soon reverse downward.
Lower Band: When the price touches or crosses the lower band, it might be oversold, signaling that the price could soon reverse upward.
Middle Line (Basis/SMA): The middle line is often considered a neutral zone, and the price moving away from it can signify strength or weakness in the trend.
Buy Signal:
A buy signal is generated when the price crosses upward through the lower band. This suggests that the price has potentially reversed from an oversold condition.
Example Use: If the price has fallen to the lower Bollinger Band and starts to rise above it, this could be seen as a buying opportunity, especially if combined with other indicators like RSI or MACD.
Sell Signal:
A sell signal is generated when the price crosses downward through the upper band. This suggests that the price might have reached an overbought condition and could reverse downward.
Example Use: If the price rises to the upper Bollinger Band and starts to fall below it, this could be seen as a selling or shorting opportunity.
Setting Alerts:
You can set alerts for Buy and Sell signals so that you get notifications when the price crosses the upper or lower bands.
Buy Alert: Set an alert for when the price crosses above the lower Bollinger Band.
Sell Alert: Set an alert for when the price crosses below the upper Bollinger Band.
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