BBPCT
BBPCT tracks price deviations, finds premium/discount zones, signals reversals, and offers customisation.
Last updated
BBPCT tracks price deviations, finds premium/discount zones, signals reversals, and offers customisation.
Last updated
BBPCT calculates the percentage difference between the current price and historical deviations, helping identify premium and discount zones and signalling mean reversions, cooldowns, and pullbacks. BBPCT is straightforward and traditional, created in response to a friend's request due to a lack of intuitive Bollinger Bands % scripts in the Pine library.
In its initial release, users can choose from six filters for indicator behaviour. BBPCT offers the option to enable basic reversal warnings, coloured bars/candles, or arrow plots. Overbought/oversold levels are adjustable via inputs, with default values set to personal preferences. Further customisation includes changing the sigma and length inputs, as well as altering the data source.
Updated have improved the core logic, distinguish between pullbacks and reversals, enhance reversal recognition, and implement proper colour coding for visual clarity.
Several updates have been made to enhance its functionality. In December 2021, additional improvements were introduced, such as the incorporation of divs and an adaptive mid-level. These enhancements further expanded its utility by adding alerts for level crossings and the option to exclusively utilise pivots above a specified level for divergence filtering. Additionally, a Middle Overbought/Oversold multiplier was included. In late December 2021, div bar colouring was fixed to ensure accurate representation.
