Bollinger Bands Outside Candle Alert signal indicator displays the price breaking through Bollinger Bands, places signal labels, paints a signal candle and activates a signal message.
It has six input parameters:
- BB period – Bollinger Bands calculation period
- BB deviation – Bollinger Bands deviation value
- BB line breakdown method
- Opening inside, then closing outside – a signal candle is opened inside Bollinger Bands and closes outside
- Opening and closing outside – a signal candle is opened and closed outside Bollinger Bands
- Show bands – display Bollinger Bands (Yes/No)
- Show signal candles (Yes/No)
- Use alerts – display signal messages (Yes/No)
If the “Show signal candles” is set to Yes, the candle that broke through Bollinger Bands is colored:
- Bullish candle – green
- Bearish candle – orange