Bollinger Awesome Alert R1 by JustUncleL

22. Apr. 2017

This indicator is an implementation of the Bollinger Band and Awesome Oscillator Scalping system.

This technique is for those who want the most simple method that is very effective. It is BEST traded during the busiest trading hours, 3am to 12am EST NY time. This method doesn't work in sideways markets, only in volatile trending markets.

Time Frames: 1, 5, 10, 15 ,30 min.
Currency pairs: majors.

Other Chart indicators:

• Add Awesome Oscillator.
  
• Optionally Add Squeeze Indicator.
  

Here's the strategy:

Going LONG:
Enter a long position when the black 3 EMA has crossed up through the Bollinger red middle band MA. At the same time, the Awesome should be approaching or crossing it's zeroline, going up. This is indicated by "Buy" alert.

Going SHORT:
Enter a short position when the black 3 EMA has crossed down through the Bollinger red middle band MA. At the same time, the Awesome should be approaching or crossing it's zero line, going down. This is indicated by the "Sell" Alert.

Take profit:
10-20 pips depending on pair or When Awesome Oscillator turns a different colour.

HINTS: Best trades tend to occur when price reversing bounce off outer band and outside the Optional Bollinger Squeeze indication.

5. Sept. 2019

Versionshinweise

• Added optional extra condition that the signal candle close price must stay within the Bollinger Bands. This helps remove some of the oversized signal candles, these candles have a lower success probability.
  
• Added Alarm system Alerts for BUY and SELL. This helps with automation, however, if you use the optional BB filter you will not get a complete buy/sell sequence, that is you may get multiple Sell's or Buy's before a change of direction.
  
  

28. Sept. 2019

Versionshinweise

Added optional BB squeeze filter. The squeeze Algo is based on the current relative width of the BB, this squeeze Algo is NOT based on the LazyBear Algo.

7. Aug. 2020

Versionshinweise

Converted to Pinescript V4

11. Aug. 2020

Versionshinweise

Modified "alertcondition" calls to include the close placeholder, this forces the compiler to recognize the alert as a placeholder style alert (V4 Pinescript) and other placeholders can be accessed in the alarm message.