Scanning Bollinger Squeezer

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  • #44783
    David
    • Topics: 4
    • Replies: 2
    • Posts: 6

    I know there are Bollinger Band scans available but I can’t get any of them to work.

    I’m wanting to scan for Tight Bollinger Band squeezes. Attached are 2 example of where the arrows are. The result after a tight squeeze, is price expansion.

    Is it possible to scan for these?

    #44799
    Matthew
    • Topics: 5
    • Replies: 435
    • Posts: 440

    Hi David,

    The Vergence() function can be used to identify areas of convergence or divergence between two lines on a chart.

    In the example of Bollinger Bands you can use something like this:

    UBB = BB(BARS=10).UpperLine ;

    LBB = BB(BARS=10).LowerLine ;

    VERGENCE(UBB, LBB, LOOKBACK=3)

    This takes the 10 period Bollinger Band upper and lower lines, and looks for areas of convergence over 3 consecutive days.

    On the chart, the green shaded zones show the areas the scripted criteria is passing:

    Ex10

    You can modify the Bollinger band settings, and the number of consecutive days that need to occur for the criteria to pass based on your own requirements.

    #46371
    David
    • Topics: 4
    • Replies: 2
    • Posts: 6

    Thanks very much for the info. Greatly appreciated.

    One further question. How do you get the green shading to apply to the results?

    #46395
    Matthew
    • Topics: 5
    • Replies: 435
    • Posts: 440

    Hi David,

    To show the results in a shaded green area as per my example, apply a Show View tool to the chart and add the script from my original post.

    You can then drag and drop the Show View to the main chart window, so it overlays on top of the bars.

    DragDropIndicator

    #47047
    David
    • Topics: 4
    • Replies: 2
    • Posts: 6

    Hi Team,

    I’m finding the script is generating a lot of results (round 100 per scan) and doing daily, it’s too much.

    Is there a way to add additional script to this to reduce the numbers. I’m thinking a MA maybe 20 days?

    Also, is it possible to script between a MA band? say 40 days and 60 days?

    Cheers, Dave.

    #47051
    Darren
    • Topics: 66
    • Replies: 682
    • Posts: 748

    Hi Dave,

    I’m not sure what you mean by MA 20 days… do you mean adding a filter to show only those trading above their MA20? If so then you can add

    and CLOSE() > MA(BARS=20)

    You could also adjust the Vergence function so that it looks for 4 converging days rather than 3:

    VERGENCE(UBB, LBB, LOOKBACK=4)

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