Williams Vix Fix Bollinger Band Upper and Lower Indicator for ThinkorSwim

[chewie76]

Check out both lower and upper chart code below. Added color bars and a magenta line where volatility is low which signals extended bullishness, and potential spot for a reversal, and a cyan line indicating high levels of volatility signaling downward pressure.

The original code for the lower indicator is here. https://www.tradingview.com/script/MQsliRxJ/

#Williams_Vix_Fix_BollingerBand
#Original code https://www.tradingview.com/script/MQsliRxJ/
#Converted and modified by Chewie 12/10/2025
#Added a magenta sell line where volatility is low
#Added a cyan buy line where volatility is high
#Blue color indicates price is still in high volatility, but it is weakening

declare lower;

input src = close;                 # Source (not actually used in original Pine WVF)
input pd = 22;                     # Period for Highest Close
input length = 20;                 # SMA Length
input mult = 2.0;                  # StdDev Multiplier

# --- WVF Calculation ---
def highestClose = Highest(close, pd);
def WVF = (highestClose - low) / highestClose * 100;

# --- Bollinger Bands on WVF ---
def basis = Average(WVF, length);
def dev = mult * StDev(WVF, length);
def upper = basis + dev;
def lower = basis - dev;

# --- Plot Bands ---
plot UpperBand = upper;
UpperBand.SetDefaultColor(Color.BLUE);
UpperBand.SetLineWeight(2);

plot LowerBand = lower;
LowerBand.SetDefaultColor(Color.RED);
LowerBand.SetLineWeight(2);


# --- Buy / Sell Signals ---
def Buy = WVF crosses above upper;
def Sell = WVF crosses below lower;

plot BuySignal = if Buy then WVF else Double.NaN;
BuySignal.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
BuySignal.SetDefaultColor(Color.GREEN);

plot SellSignal = if Sell then WVF else Double.NaN;
SellSignal.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
SellSignal.SetDefaultColor(Color.RED);


# ---------------------------------------------------------
# --- Regression Level-
# ---------------------------------------------------------

input sellline = 0.33;
input buyline = 2.0;
input lookback = 400;

# Regression approximation allowed in lower studies
def regApprox = Inertia(WVF, length);
def regAvg = if BarNumber() > lookback
                then Average(regApprox, lookback)
                else regApprox;

def isLastBar = IsNaN(regAvg[-1]) and !IsNaN(regAvg);
def regCapture = if isLastBar then regAvg else Double.NaN;
def regFlat = HighestAll(regCapture);

# Flat line at the regression average
plot PercentLine = regFlat * sellline;

PercentLine.SetPaintingStrategy(PaintingStrategy.LINE);
PercentLine.SetDefaultColor(Color.magenta);
PercentLine.SetLineWeight(2);


plot PercentLineUP = regFlat * buyline;

PercentLineUP.SetPaintingStrategy(PaintingStrategy.LINE);
PercentLineUP.SetDefaultColor(Color.cyan);
PercentLineUP.SetLineWeight(2);

# --- Color Logic (Green = High, Red = Low, Gray = Neutral) ---
plot WVFcol = WVF;

WVFcol.SetLineWeight(4);
WVFcol.AssignValueColor(
    if WVF >= upper then Color.GREEN
    else if WVF <= lower then Color.RED
    else if WVF < PercentLine then color.magenta
    else if WVF > PercentLineUP and WVF < WVF[1] then color.blue
    else if WVF > PercentLineUP then color.cyan
    
    else Color.DARK_GRAY
);
WVFcol.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);

#ColorBar
input colorbar = no;

def g = WVF >= upper;
def r = WVF <= lower;
def m = WVF < PercentLine;
def b = WVF > PercentLineUP and WVF < WVF[1];
def c = WVF > PercentLineUP;

AssignPriceColor(if !colorbar then Color.CURRENT else if g then Color.GREEN else if r then Color.RED else if m then color.magenta else if b then color.blue else if c then color.cyan else Color.GRAY);

Here is the Upper chart version.

#Williams Vix Fix Bollinger Band Upper chart
#Assembled by Chewie 12/10/2025

declare upper;

input pd = 22;
input length = 20;
input mult = 2.0;
input offset = 0.2;    # vertical offset relative to price (adjust to taste)

# --- WVF Calculation ---
def highestClose = Highest(close, pd);
def WVF_raw = (highestClose - low) / highestClose * 100;

# --- Normalize WVF to overlay on chart ---
# Normalize relative to chart price range
def hiP = Highest(high, 100);
def loP = Lowest(low, 100);
def rangeP = hiP - loP;

def WVF = loP + (WVF_raw / 100) * rangeP * offset;

# --- Bollinger Bands on WVF ---
def basis_raw = Average(WVF_raw, length);
def dev_raw = mult * StDev(WVF_raw, length);
def upper_raw = basis_raw + dev_raw;
def lower_raw = basis_raw - dev_raw;

# Convert raw bands into overlay scale
def Upper = loP + (upper_raw / 100) * rangeP * offset;
def Lower = loP + (lower_raw / 100) * rangeP * offset;

# --- Plot Bands ---
plot UpperBand = Upper;
UpperBand.SetDefaultColor(Color.BLUE);
UpperBand.SetLineWeight(2);

plot LowerBand = Lower;
LowerBand.SetDefaultColor(Color.RED);
LowerBand.SetLineWeight(2);

# --- WVF Histogram (overlaid) ---
plot WVFcol = WVF;
WVFcol.SetPaintingStrategy(PaintingStrategy.HISTOGRAM);
WVFcol.SetLineWeight(4);

WVFcol.AssignValueColor(
    if WVF_raw >= upper_raw then Color.GREEN
    else if WVF_raw <= lower_raw then Color.RED
    else Color.dark_GRAY
);