OPEN-SOURCE SCRIPT
FTT Plus BBMA
The FTT Plus BBMA indicator combines Bollinger Bands with a unique 3-candle momentum pattern to identify potential trend reversal signals. It is designed for traders who follow price action and volatility-based strategies.
🔹 How It Works:
Bollinger Bands (20, 2) – Used to identify overbought and oversold conditions. The upper and lower bands act as dynamic support/resistance levels.
FTT Candlestick Pattern – A 3-bar pattern that confirms momentum shifts before a potential breakout.
🔹 Bullish Signal (BUY):
Triggered when the following conditions are met:
Candle-2: Bullish (close > open)
Candle-1: Bearish (close < open)
Current Candle: Bullish (close > open)
Price breaks above the previous high
Price closes above the upper Bollinger Band
🔹 Bearish Signal (SELL):
Triggered when:
Candle-2: Bearish (close < open)
Candle-1: Bullish (close > open)
Current Candle: Bearish (close < open)
Price breaks below the previous low
Price closes below the lower Bollinger Band
🔹 Visual Features:
Candles are highlighted in cyan for bullish signals and yellow for bearish signals.
BUY (triangle up) and SELL (triangle down) labels appear directly on the chart.
Built-in alert conditions for both signals (BUY / SELL).
🔹 Best Used On:
Timeframes: 5min to 1 hour (scalping & intraday)
Markets: Forex, Crypto, Stocks, Indices
🔹 Note:
This indicator works best in trending or high-volatility conditions. Avoid using in choppy or sideways markets without additional filters.
🔹 How It Works:
Bollinger Bands (20, 2) – Used to identify overbought and oversold conditions. The upper and lower bands act as dynamic support/resistance levels.
FTT Candlestick Pattern – A 3-bar pattern that confirms momentum shifts before a potential breakout.
🔹 Bullish Signal (BUY):
Triggered when the following conditions are met:
Candle-2: Bullish (close > open)
Candle-1: Bearish (close < open)
Current Candle: Bullish (close > open)
Price breaks above the previous high
Price closes above the upper Bollinger Band
🔹 Bearish Signal (SELL):
Triggered when:
Candle-2: Bearish (close < open)
Candle-1: Bullish (close > open)
Current Candle: Bearish (close < open)
Price breaks below the previous low
Price closes below the lower Bollinger Band
🔹 Visual Features:
Candles are highlighted in cyan for bullish signals and yellow for bearish signals.
BUY (triangle up) and SELL (triangle down) labels appear directly on the chart.
Built-in alert conditions for both signals (BUY / SELL).
🔹 Best Used On:
Timeframes: 5min to 1 hour (scalping & intraday)
Markets: Forex, Crypto, Stocks, Indices
🔹 Note:
This indicator works best in trending or high-volatility conditions. Avoid using in choppy or sideways markets without additional filters.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.