Normalizing Multi-Timeframe Bollinger Band Position to a 0–100 Scale

Summary

This indicator maps price to a 0–100 scale within standard deviation bands built around simple moving averages. Zero corresponds to the lower band and 100 to the upper band. It can calculate separate bands for monthly, weekly, daily, hourly, and minute data, with configurable average periods, deviation widths, and bar update behavior. The hourly and minute settings also let users specify which interval to use. The indicator is intended for ProRealTime version 11 or later.

The supplied script describes how it stores observations from slower timeframes, calculates averages and standard deviations, and converts the current price into a bounded band position. Users can select price inputs and display settings. This is an indicator implementation guide, not a tested trading strategy: it provides no entry or exit rules, backtest, or evidence that a particular band position predicts returns. The pasted code contains apparent inconsistencies in some calculations, so its implementation should be checked before relying on the output.

Key ideas

• The indicator expresses price location between each timeframe’s lower and upper deviation bands on a 0–100 scale.
• It supports monthly, weekly, daily, hourly, and minute calculations with separate settings.
• The update option controls whether values refresh on each chart bar or at the slower timeframe’s bar close.
• Users can disable unused timeframe lines by setting their period to zero.
• The code has apparent calculation inconsistencies and provides no strategy rules or performance evidence.

Tags

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