Bollinger Band Stops Indicator for ThinkorSwim

BenTen

Administrative
Staff member
Staff
VIP
Lifetime
I didn't find a BB stops indicator on TV, so I wrote one myself. You can select various ma types as a base anchor for the calculations. This indicator can have various use cases similar to Supertrend or Parabolic SAR: as a trend indicator, as a training stop loss,...

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thinkScript Code

Code:
# Bollinger Band Stops
# Author: Kory Gill (@korygill)
# Converted for BenTen at useThinkScript.com
# Original Idea: https://www.tradingview.com/script/7kI0k6Xp-Bollinger-Band-stops-JD/

declare upper;
declare once_per_bar;

input baseMA = {default sma, ema, wma, vwma, swma, dema, hullema, tema};
input length = 20;
input mult = 1; #hint mult: 0.001 to 50
input colorFill = yes;

def vClose = close;
def bn = BarNumber();
def nan = double.NaN;

def ema1 = MovingAverage(AverageType.EXPONENTIAL, vClose, length);
def ema2 = MovingAverage(AverageType.EXPONENTIAL, ema1, length);
def ema3 = MovingAverage(AverageType.EXPONENTIAL, ema2, length);
def tema = 3 * (ema1 - ema2) + ema3;

def wma = MovingAverage(AverageType.WEIGHTED, vClose, length);

def basis;
switch (baseMA)
{
case sma: basis = MovingAverage(AverageType.SIMPLE, vClose, length);
case ema: basis = MovingAverage(AverageType.EXPONENTIAL, vClose, length);
case wma: basis = MovingAverage(AverageType.WEIGHTED, vClose, length);
case vwma: basis = MovingAverage(AverageType.EXPONENTIAL, vClose, length);
case swma: basis = wma[3]/6 + 2*wma[2]/6 + 2*wma[1]/6 + wma;
case dema: basis = ema2;
case hullema: basis = MovingAverage(AverageType.HULL, vClose, length);
case tema: basis = tema;
}

def dev = mult * stdev(vClose, length);
def upper = basis + dev;
def lower = basis - dev;

def up = if bn == 1
         then nan
         else if Crosses(vClose, upper, CrossingDirection.ABOVE)
         then 1
         else if Crosses(vClose, lower, CrossingDirection.BELOW)
         then 0
         else up[1];

def dn = if bn == 1
         then nan
         else if Crosses(vClose, lower, CrossingDirection.BELOW)
         then 1
         else if Crosses(vClose, upper, CrossingDirection.ABOVE)
         then 0
         else dn[1];

def changeUp = dn[1] and up;
def changeDn = up[1] and dn;
def stopLine = if up then lower else if dn then upper else nan;

plot p1 = stopLine;
p1.SetLineWeight(2);
p1.AssignValueColor(if stopLine == upper then Color.Red else Color.Green);

AddCloud(stopLine, vClose, CreateColor(80,0,0), CreateColor(0,80,0));

#plot pChangeDn = if changeDn then lower else nan;
#plot pChangeUp = if changeUp then upper else nan;
#pChangeDn.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
#pChangeUp.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
#pChangeDn.SetDefaultColor(Color.Red);
#pChangeUp.SetDefaultColor(Color.Green);
 

korygill

Well-known member
VIP
There are 8 choices for the baseMA. BollingerBands use the Simple moving average, so that will match. The other 7 provide different results.
 

bigboss

Member
I like this indicator. I was checking it out today and found a bug in the code - basically the toggle for color fill doesn't work.

if you change this line

Code:
AddCloud(stopLine, vClose, CreateColor(80,0,0), CreateColor(0,80,0));

to this

Code:
AddCloud(if colorfill then stopLine else double.nan, if colorfill then vClose else double.nan, CreateColor(80,0,0), CreateColor(0,80,0));

then the colorfill toggle will start working. Thanks!
 

zeek

Active member
2019 Donor
I like this indicator. I was checking it out today and found a bug in the code - basically the toggle for color fill doesn't work.

if you change this line

Code:
AddCloud(stopLine, vClose, CreateColor(80,0,0), CreateColor(0,80,0));

to this

Code:
AddCloud(if colorfill then stopLine else double.nan, if colorfill then vClose else double.nan, CreateColor(80,0,0), CreateColor(0,80,0));

then the colorfill toggle will start working. Thanks!
Can you help me modify the addcloud function to only show cloud for bearish condition?
 

MerryDay

Administrative
Staff member
Staff
VIP
Lifetime
@Trader_Rich
Bollinger Band Stops Scanner
Add the following code to the bottom of your study for the scan and scan for pChangeUp is true or pChangeDn is true
Ruby:
plot pChangeDn = changeDn ;
plot pChangeUp = changeUp ;
pChangeDn.hide() ;
pChangeUp.hide() ;
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Bollinger Band Stops Watchlist
Add the following code to the bottom of your study and copied it into your watchlist column.
Ruby:
AddLabel(yes, " ");
AssignBackgroundColor(if stopLine == upper then Color.Red else Color.Green);
a1.png
 
Cloud does not change from bullish to bearish or bearish to bullish you have to go to another stock and then come back and then the cloud will change. It seems like its a bug. I did the code change @bigboss said to change but no luck for me. Anyone has this issues?
 

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