Configurable Bollinger Bands with Alternative Averages and Forecasts

Summary

This Pine indicator builds Bollinger-style envelopes around a configurable middle average. Users can select among several moving-average methods, price sources, chart resolutions, and candle constructions. Band width can use standard deviation or ATR, with separate multipliers and optional smoothing for the upper and lower bands. The indicator also calculates percent B and normalized band width, supports alerts for price crossings, and can display inclusion highlights and a ghost trail.

Its forecast feature projects the middle average up to five bars ahead by replacing older observations with current source values, with an optional bullish or bearish ATR-based adjustment. These projections are formula-based visual estimates, not evidence of predictive accuracy. The document supplies no market tests or performance results. Multi-timeframe and synthetic-candle choices affect the data behind the calculations, and the stated forecast limitation is that projections are only shown for the current resolution.

Key ideas

• The middle band can use several average types, data sources, resolutions, and candle constructions.
• Band deviations can be based on standard deviation or ATR and smoothed independently.
• Percent B and band width provide additional descriptions of price location and envelope size.
• The forecast extends the middle average using recent source values and an optional ATR bias.
• Alerts identify close crossings of the middle, upper, and lower bands, but no predictive validation is supplied.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.