Walking the bands – Bollinger screener

• 04/25/2021 at 6:25 PM #168004
  RubberToe

  John Bollinger mentions in his book that candles closing outside the BBs are not a sign of reversal, but a sign of continuation – until such time as a tag of the band is correlated with another indicator or candle reversal pattern.

  I wanted to incorporate  ‘walking the bands’  into a reversal trigger on minute charts, by using a scenario where 4 out of 5 recent candles have highs outside the band, followed by a close inside the bands.

  The BB values need to be adjustable instead of 20/2.0, as JB himself states that short term traders look at values down to 15/1.5.  Myself I use 16/1.8.

  Below was my start, but I think it needs some expertise to make it work

  walkend = close < BollingerUp[16](close) high1 = high[1] >BollingerUp[16](1) high2 = high[2] >BollingerUp[16](2) high3 = high[3] >BollingerUp[16](3) high4 = high[4] >BollingerUp[16](4) high5 = high[5] >BollingerUp[16](5) if ((high1 + high2 + high3 + high4 + high5) >= 4) and walkend then w=1 else w=0 endif screener w

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  walkend = close < BollingerUp[16](close) high1 = high[1] >BollingerUp[16](1) high2 = high[2] >BollingerUp[16](2) high3 = high[3] >BollingerUp[16](3) high4 = high[4] >BollingerUp[16](4) high5 = high[5] >BollingerUp[16](5) if ((high1 + high2 + high3 + high4 + high5) >= 4) and walkend then w=1 else w=0 endif   screener w

   

  

  RubberToe

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  04/27/2021 at 9:18 AM #168151
  JC_Bywan

  Hi, you forgot[] around w in last screener line, and used () where [] are needed for past 5 candles, high1 = high[1] >BollingerUp[16](1) should be:

  high1 = high[1] >BollingerUp[16](close)[1]

  1	high1 = high[1] >BollingerUp[16](close)[1]

  You could also simply your sums with “summation”:

  walkend = close < BollingerUp[16](close) condition = summation[5](high[1]>BollingerUp[16](close)[1])>=4 w = condition and walkend screener[w]

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  walkend = close < BollingerUp[16](close) condition = summation[5](high[1]>BollingerUp[16](close)[1])>=4 w = condition and walkend screener[w]

   

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  RubberToe

  

  JC_Bywan

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