It works on longger swing than BB 20,2 band rage, and I think It works well.
even on the rapid price change, it quite woks well.
If price goes out of 1st S/R band range, 2nd S/R band shows up on the chart.
Because of large bandwidth, An area in which an actual candle is drawn may be displayed as small.
So, with some codework, I made the S/R band occupy only the area near the actual candle drawing area.
The S/R band value is calculated as a combination of donchian band, high/low, atr, etc.
and regular default setting value is fixed on the code level. you can change the color set.
For more information, please refer to the source code.
if you have any questions freely contact to me by message on tradingview, or telegram @sr_bt but please understand that responses may be quite late. ------------------------------------------------------------------------------------------------------------------------------------------- Special thanks to all of contributors of community. The script (originaly .b) may be freely distributed under the MIT license.
without a clear understanding of the house rules, Several indicators on the charts, it should be clean chart on publishing. So I am re-publishing as a new one, sorry about that.
IMHO, BB is the one of the greatest indicators. A good indicator should have a purpose and be designed accordingly. BB fits very well for the purpose it was designed for, and it is similar to the purpose of my SR indicator (=price support/resistance)
the problem in real world, I think that a single indicator (based on a simple mathematical formula) backtest is almost useless. I believe that only multiple combinations of indicators with different approaches can yield meaningful results.
'.b Dual Dynamic SR' indicator is designed to catch a price swing greater than BB(20,2). As you can see on the screen, When BB failed and move along with the price when a rapid price change, the SR indicator shows a relatively accurate reversal point. if out of 1st bands, you can check the 2nd bands. If the price hits the point where BB and SR meet, it will be a stronger Support/Resistance point.
I already opened the code, you can make a complex strategy of indicators (include .b dual dynamic SR). But I'm not interested in individual indicator's backtest, I'm very sorry about that.
.b dual dynamic SR I recommended use it with Classic BB (for smaller swing) + another indicators with different perspectives & approches.
sr_b
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@sr_b, more detailed usage example (look at the chart above, before the first arrow I drawn) --> if price touch BB and SR, and move together downward... then you have to wait, wait and wait ... finally price touch the 2nd SR band and turn back direction rapidly, you can entered 1st position 'long', and according to your trading strategy, close the position or wait and wait....
Ether2020
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@sr_b, Yes you are right, a single indicator is useless to test. Too many and you get curve fitting. That happens already with back testing, the most optimal results. Thanks for your reply, my friend! Appreciated!
Ether2020
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Thanks for your script, my friend! Coded very well! The only problem I have with Bollingerbands is how to use it because only back testing can tell the difference. Many indicators look great but when you back test the results are not good. That is the case with many indicators, of course. Can you make a strategy from this script so I can test it? Thanks in advance!
A good indicator should have a purpose and be designed accordingly.
BB fits very well for the purpose it was designed for,
and it is similar to the purpose of my SR indicator (=price support/resistance)
the problem in real world,
I think that a single indicator (based on a simple mathematical formula) backtest is almost useless.
I believe that only multiple combinations of indicators with different approaches can yield meaningful results.
'.b Dual Dynamic SR' indicator is designed to catch a price swing greater than BB(20,2).
As you can see on the screen, When BB failed and move along with the price when a rapid price change,
the SR indicator shows a relatively accurate reversal point. if out of 1st bands, you can check the 2nd bands.
If the price hits the point where BB and SR meet, it will be a stronger Support/Resistance point.
I already opened the code,
you can make a complex strategy of indicators (include .b dual dynamic SR).
But I'm not interested in individual indicator's backtest, I'm very sorry about that.
.b dual dynamic SR
I recommended use it with Classic BB (for smaller swing) + another indicators with different perspectives & approches.