This post focuses on customizable Bollinger %B factory scans, which can be edited, modified, or rewritten and then scanned using ChartAlert’s native stock screener or technical analysis scanner, namely the Basic Scanner and Advanced Scanner.
Display Bollinger %B Values
Tags: bollinger percent b, bollinger %b
List symbols
Add Column Bollinger %B(20) as BB
Sort on Col BB
Apply to NSEThis scan calculates and displays the Bollinger %B values for all symbols in the NSE. A negative value indicates that a stock is trading below the Bollinger Band, while a value above 100 suggests that the price is above the Bollinger Band.
OPTION 1
You can also utilize B%B instead of Bollinger %B in the scan. It is worth noting that the “Standard Deviation” parameter is not compulsory and will be automatically assigned the default value of 2.
List symbols
Add Column B%B(20) as BB
Sort on Col BB
Apply to NSE OPTION 2
By leveraging the inherent mathematical functions available in the ChartAlert scripting language, you have the ability to calculate your own indicator values. This capability is demonstrated in the following example. It is crucial to highlight that both computed columns produce identical results.
List symbols
Add Column B%B(20) as BB
Add Column (Close - BBL(20))/(BBU(20) - BBL(20)) * 100 as BB_computed
Apply to NSEPrice Below Bollinger Band
Tags: price below bollinger band, price below lower bollinger band, stocks below lower bollinger band
List symbols where Bollinger %B(20) < 0
Add Column Bollinger %B(20) as BB
Apply to NSEThe objective of this scan is to detect symbols in which the closing price is positioned below the Lower Bollinger Band. Furthermore, the Bollinger %B value is computed and included in the resulting report.
OPTION 1
To improve the efficacy of the scan, it is recommended to refine the criteria by filtering out symbols that have consistently closed below the Lower Bollinger Band over the last 3 bars.
List symbols where Bollinger %B(20) < 0 for the last 3 bars
'Plot Bollinger %B(20)
Apply to NSEPrice Above Bollinger Band
Tags: price above bollinger band, price above upper bollinger band, stocks above bollinger band
List symbols where Bollinger %B(20) > 100
Add Column Bollinger %B(20) as BB
Apply to NSEThis scan aims to identify symbols that exhibit the closing price surpassing the Upper Bollinger Band. Moreover, the report includes the calculation and presentation of the Bollinger %B values.
OPTION 1
To enhance the scanning criteria, we propose modifying it to encompass symbols that have consistently closed above the Upper Bollinger Band in the preceding 3 bars.
List symbols where Bollinger %B(20) > 100 for the last 3 bars
'Plot Bollinger %B(20)
Apply to NSEFor comprehensive insights into the Bollinger %B indicator, including its calculation methodology, how essential it is in technical analysis, how to use the Bollinger %B indicator in trading, as well as an exploration of its advantages and limitations as an indicator, click here.