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Keltner | Bollinger | Squeeze

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Bollinger Bands (BB) Keltner Channels (KC) keltnerchannel percentb squeeze
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3
bollingerbands keltnerchannels keltnerchannel percentb squeeze
Percent B (%B), it's derivation Percent K (%K) and squeeze indicator combined in one.


blue line = bollinger %
orange line = keltner %
red background = squeeze*

squeeze = bollinger bands are inside (encapsulated by) keltner channel
Release Notes:
Fixed squeeze calculation.
Release Notes:
Added scaled RSI indicator - let's call it rsi_2 - which is calculated in following way:

> rsi_2 = (rsi / 100) - 0.5

RSI is now plotted as histogram, where
  • green color = overbought / oversold market
  • red color = normal


* This indicator was created primarly for my own purposes, all comments and suggestions are welcome.
Release Notes:
Added smoothing parameter to %B and %K.

Note: Indicator works best with 30min+ time-frames.
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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