OPEN-SOURCE SCRIPT
INAZUMA Bollinger Bands [v4.0]
Overview
This indicator detects Bollinger Band ±2σ breaks ("Band Walk") and visualizes trend initiation and continuation with "Lightning/Magma" effects and count labels. v4.0 introduces the new "Squeeze (Rocket/Waterfall)" logic to capture strong trend continuations, complete with new dynamic visual effects.
v4.0 Updates
Squeeze (Rocket) Detection & Visuals:
Added logic to detect strong momentum (such as short squeezes) where the price pulls back from the 2σ band but continues to push beyond the 1σ band.
Rocket Flames (Uptrend):
Visualizes upward squeezes with a high-heat gradient (White/Yellow/Orange/Red) between the candle low and the Upper 1σ band, resembling a rocket launch.
Blue Waterfall (Downtrend):
Visualizes downward squeezes with a dynamic blue gradient between the candle high and the Lower 1σ band.
Squeeze Counter:
Displays the consecutive number of squeeze bars directly on the chart, utilizing a memory-efficient single-label tracking system.
Features
Visual Effects:
Draws distinct gradients for both ±2σ Band Walks (Lightning/Magma) and ±1σ Squeezes (Rocket/Waterfall).
Consecutive Count Labels: Displays the number of consecutive band walks and squeezes directly on the chart.
Smart Alerts: Built-in alerts for 3-bar consecutive squeezes to notify you of strong trend formations.
Multi-Timeframe Settings (for Screener): You can change the timeframe used for screener calculations (1D, 1W, 1M) via "Filter Timeframe" in the settings.
How to use with Screener
Select this indicator in the Pine Screener.
Add "MTF Up Bandwalk Count" or "MTF Down Bandwalk Count" to your columns.
Set the desired timeframe (default: "1M") in the "Filter Timeframe" setting of the indicator.
Calculations are performed in real-time without waiting for the bar to close.
This indicator detects Bollinger Band ±2σ breaks ("Band Walk") and visualizes trend initiation and continuation with "Lightning/Magma" effects and count labels. v4.0 introduces the new "Squeeze (Rocket/Waterfall)" logic to capture strong trend continuations, complete with new dynamic visual effects.
v4.0 Updates
Squeeze (Rocket) Detection & Visuals:
Added logic to detect strong momentum (such as short squeezes) where the price pulls back from the 2σ band but continues to push beyond the 1σ band.
Rocket Flames (Uptrend):
Visualizes upward squeezes with a high-heat gradient (White/Yellow/Orange/Red) between the candle low and the Upper 1σ band, resembling a rocket launch.
Blue Waterfall (Downtrend):
Visualizes downward squeezes with a dynamic blue gradient between the candle high and the Lower 1σ band.
Squeeze Counter:
Displays the consecutive number of squeeze bars directly on the chart, utilizing a memory-efficient single-label tracking system.
Features
Visual Effects:
Draws distinct gradients for both ±2σ Band Walks (Lightning/Magma) and ±1σ Squeezes (Rocket/Waterfall).
Consecutive Count Labels: Displays the number of consecutive band walks and squeezes directly on the chart.
Smart Alerts: Built-in alerts for 3-bar consecutive squeezes to notify you of strong trend formations.
Multi-Timeframe Settings (for Screener): You can change the timeframe used for screener calculations (1D, 1W, 1M) via "Filter Timeframe" in the settings.
How to use with Screener
Select this indicator in the Pine Screener.
Add "MTF Up Bandwalk Count" or "MTF Down Bandwalk Count" to your columns.
Set the desired timeframe (default: "1M") in the "Filter Timeframe" setting of the indicator.
Calculations are performed in real-time without waiting for the bar to close.
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.