Percentage Bollinger Bands

According to some sources, this indicator was proposed by John Bollinger in 2010 to measure the relative value of the Close price to the lines of the standard Bollinger Bands, which is known to be based on distances equal to a certain number of standard deviations from the moving average line. The author recommended its use for determining the boundaries of the price range. This indicator differs from the conventional one in that it contains two display options instead of one. In accordance with the author's recommendations, two display options are available: 10 and 20-period modifications which may be interesting to analyze the current situation, including that on small timeframes. Please note that it is a complementary trader's tool and must be applied simultaneously with Bollinger Bands. Basic rules of indicator application:

• Chart on level=0, the price is on the bottom border of Bollinger Bands,
• Chart on level=1, the price is on the upper border,
• Chart on level 0.5 – the price is on the moving average,
• Chart below level=0, channel breakthrough to the falling direction,
• Chart above level=1 – channel breakthrough to the up direction.

Parameters:

• Smoothing period №1 - The smoothing period of the main line 1. Default is 10;
• Deviation №1 - The deviation from the main line 1. Default is 2.0;
• Line horizontal shift №1 - The shift of the average line 1. Default is 0;
• Smoothing method №1 - Smoothing method of line 1. Default is MODE_SMA;
• Smoothing price type №1 - Price type of line 1. Default is PRICE_CLOSE;
• Smoothing period №2 - The smoothing period of the main line 2. Default is 20;
• Deviation №2 - The deviation from the main line 2. Default is 2.0;
• Line horizontal shift №2 - The shift of the average line 2. Default is 0;
• Smoothing method №2 - Smoothing method of line 2. Default is MODE_SMA;
• Smoothing price type №2 - Price type of line 2. Default is PRICE_CLOSE;

Adjust this tool to your specific needs. Wish you successful trades.

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