Bollinger Magnets - JD

This indicator does the same thing as my "Deviation Magnet" script, but is in 'overlay' form
and is more oriented towards the people who like to keep their eyes on the chart rather than a bottom indicator.

As tated in my "Deviation Magnet" script, contrary to the popular use where price is seen as BOUNCING AGAINST the different deviations (or upper and lower BBands),
I tend to find that price likes to STICK to those deviations once it hits them (with a high or a low wick) and "rides them" for a while.
I call this "THE MAGNET EFFECT" of the standard deviations.

The indicator highlights those "MAGNET MOVES".

For most assets I like to use 50 period deviations better than the standard 20 period because it shows the bigger trends better
but of course this can be modified to your liking!

JD.

#NotTradingAdvice
#DYOR

I build these indicators for myself and provide them open source, to use for free to use and improve upon,
as I believe the best way to learn is toghether.

發布通知:

added option to display bounce/resistance arrows on the chart

JD.

發布通知:

Smaal code update.