Bollinger Bands Pivot Points for ThinkorSwim

BenTen

BenTen

Administrative
Staff
VIP
This indicator plot pivot points based on Bollinger Bands. Useful for finding potential support and resistance.




If your chart gets shrunk after adding the indicator, then left-click on the screen > Chart Scale > untick Fit studies.

thinkScript Code

Code:
# Bollinger Bands Pivot Points
# Assembled by BenTen at useThinkScript.com
# Converted from https://www.tradingview.com/script/OIRD4yQB/

input length = 50;
input mult = 2.0;
input src = close;

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

def pivot1 = if close[1]>upper[1] and close<upper then close[1] else pivot1[1];
def pivot2 = if close[1]<lower[1] and close> lower then open[1] else pivot2[1];
def pivot3 = if close[1]<upper[1] and close>upper then low else pivot3[1];
def pivot4 = if close[1]>lower[1] and close<lower then high else pivot4[1];

plot line1 = pivot1;
plot line2 = pivot2;
plot line3 = pivot3;
plot line4 = pivot4;

line1.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
line1.SetDefaultColor(Color.UPTICK);
line1.SetLineWeight(1);
line2.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
line2.SetDefaultColor(Color.DOWNTICK);
line2.SetLineWeight(1);
line3.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
line3.SetDefaultColor(Color.CYAN);
line3.SetLineWeight(1);
line4.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);
line4.SetDefaultColor(Color.MAGENTA);
line4.SetLineWeight(1);;
 
Top