Double Bollinger Bands Modifiable

The "Double Bollinger Bands" indicator plots two sets of Bollinger Bands on your chart, each with its own customizable multiplier. It calculates a simple moving average (SMA) and the standard deviation over a user-defined period. Then, it applies two different multipliers to the standard deviation to create two separate bands:

- First Set:
Uses a higher multiplier (default is 3.0) to create wider bands. This set highlights broader price volatility and is useful for identifying significant breakouts or reversals.

- Second Set:
Uses a lower multiplier (default is 0.5) to form tighter bands around the moving average. This set is useful for detecting periods of low volatility or consolidation. Additionally, you can choose to fill the area between these bands with a customizable color, providing a clear visual cue of the price’s proximity to the average.

How to Use the Indicator

1. Adjust the Period:
Change the period setting to determine over how many bars the SMA and standard deviation are calculated. This affects the sensitivity of the bands to recent price changes.

2. Customize Multipliers:
Modify the multipliers for both sets of bands. A higher multiplier will produce wider bands, while a lower multiplier will keep them closer to the moving average.

3. Enable/Disable Fill:
Toggle the fill option to visually emphasize the space between the lower and upper bands of the second set. This filled area helps in quickly assessing the current price action relative to a narrow volatility range.

4. Interpret the Bands:
- When prices move outside the first set of bands, it may indicate strong momentum or a potential reversal.
- The tight second set of bands can signal periods of consolidation, which might precede a breakout.

Overall, this indicator is a versatile tool for traders who want to analyze market volatility and identify potential trading opportunities through the interplay of wide and narrow Bollinger Bands.