Disclaimer: I take no responsibility for your usage of this indicator.
Indicator version: 1.1
This custom script plots the histogram, applies to the histogram, and then colours the in different colours depending on whether the bands are contracting or expanding.
Periods of low , seen in a pinch, are followed by large moves (BB expansion). A contraction of the BB may similarly precede a significant move in price. This indicator allows you to see when such a move may be starting, by watching for colour change (default: blue-->orange) on the BB lines after a BB pinch has occured. If the histogram is increasing in magnitude and surfing the BB in a certain direction, this suggests a price move is starting in the direction of the histogram.
Intended for short-timeframe scalping (<1hr charts), but initial testing suggests some validity on higher timeframes.