Overview
This custom indicator combines Bollinger Bands with clear Buy/Sell arrows on the chart.
It automatically detects when the price crosses above the lower band or below the upper band and plots arrows accordingly.
The goal is to help traders quickly identify potential reversal points at the edges of market volatility.
How It Works
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The indicator calculates Bollinger Bands using the built-in iBands function.
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Buy Signal (Blue Arrow) → when the price closes below the lower band on the previous candle, then closes above it on the next candle.
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Sell Signal (Red Arrow) → when the price closes above the upper band on the previous candle, then closes below it on the next candle.
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Signals appear only once per direction until an opposite signal is triggered, avoiding repeated arrows in the same move.
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The Bollinger Bands can be displayed or hidden according to user preference.
Indicator Features
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Clear Buy/Sell Arrows directly on the chart.
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Optional display of Upper, Middle, and Lower Bollinger Bands.
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Works on all symbols and timeframes.
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Uses non-repainting logic (signals are confirmed after candle close).
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Easy to customize parameters.
Input Parameters
| Parameter | Description |
|---|---|
| BB_Period | Number of bars used for Bollinger Bands calculation (default: 20). |
| BB_Deviation | Standard deviation multiplier for the bands (default: 2.0). |
| BB_Price | Applied price for Bollinger Bands (Close, Open, High, Low, etc.). |
| Show_BBands | If true , displays Bollinger Bands on the chart; if false , hides them. |
Usage Example
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Attach the indicator to your chart.
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Set BB_Period and BB_Deviation according to your trading style.
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Watch for blue arrows near the lower band (potential buys) and red arrows near the upper band (potential sells).
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Combine with other confirmations such as trend filters or candlestick patterns for higher accuracy.
Trading Tips
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Works well in sideways or ranging markets where price often touches Bollinger Bands.
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In strong trending markets, consider using it with a trend filter (e.g., moving averages) to avoid counter-trend signals.
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Always test settings on your preferred symbol and timeframe.
Screenshot
📜 Disclaimer
This indicator is a technical analysis tool and does not guarantee profits.
Use it together with proper risk management and other trading strategies.
