Bollinger Bands Bands with Telson T8

4. Sept. 2020

Indicator idea based on classic Bollinger bands and Telson T8 moving average.
The indicator detects Bollinger bands narrowing which should predict a move to a direction, up or down.

NOTE: You need to define in the indicator settings ("Percent Narrow") the percentage between the upper and lower bands that would be highlighted.
For example: if you set 5%, the indicator will highlight the parts that the upper and lower bands are less than 5% compare the current price (usually close price, but you can define otherwise)

Use the Telson T8 to determinate the trend/direction of the move.
Telson T8 changes based on if close price is above the T8 (green) or close price is below the T8 (red).

6. Sept. 2020

Anmerkung

Note that now script is available in TV at scripts.
Look for "Bollinger Bands Bands with Telson T8"