BBWidth 3Lines
- Indicators
- Version: 1.0
Overview
BBWidth 3Lines is a custom indicator that visualizes the width between the upper and lower Bollinger Bands (i.e., +σ minus −σ) as a line in a separate subwindow. The value is expressed in points, not in price.
While conventional Bollinger Bands are often used to assess price deviation or band touch, this tool focuses exclusively on the width of the bands, allowing you to analyze market volatility visually and precisely.
Key Features
- Displays the difference between the upper and lower Bollinger Bands in point units as a continuous line
- Supports up to 3 customizable deviation lines (e.g., 1σ, 2σ, 3σ), each with individual visibility and color settings
- Each line can be shown or hidden independently, offering flexible control over the display
- Color-coded for better visibility (e.g., Aqua, Lime, YellowGreen)
- Drawn in a separate subwindow, keeping the main chart clean and uncluttered
- Clearly identifies volatility conditions such as squeezes (contraction) and expansions (increase in volatility)
- Supports optional level lines to serve as filters, helping you avoid trading in low-volatility conditions
- Suitable for both simple one-line display and advanced multi-line analysis
- Lightweight design ensures smooth performance, even on live charts
Use Cases
- Detecting volatility changes visually to anticipate market acceleration or breakouts
- Using level lines to restrict trades in quiet, low-volatility market conditions
- Comparing multiple σ deviations simultaneously for multi-dimensional volatility assessment
Parameters
- ShowBand1 / Band1Deviation: Toggle and deviation value for the first band line
- ShowBand2 / Band2Deviation: Toggle and deviation value for the second band line
- ShowBand3 / Band3Deviation: Toggle and deviation value for the third band line
- BBPeriod: Bollinger Band calculation period (moving average base)
- BBAppliedPrice: Price type used for calculation (Close, Open, High, Low, etc.)
Notes
- This indicator does not draw traditional Bollinger Bands on the main chart.
- It is designed for auxiliary analysis, focusing solely on numerical changes in band width, not price deviation.
About the Developer
This indicator was developed to support more effective volatility analysis and improve strategy-based trading decisions.
It is provided by TOKYO-EA, a developer known for offering high-quality and free EAs and indicators for MetaTrader platforms.
