Bollinger Band Width Stock Screener

The Bollinger Band Width indicator enables traders to assess volatility, spot trading opportunities, and enhance risk and reward management by establishing stop-loss and profit targets

3 minutes


This post focuses on customizable Bollinger Band Width 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 Band Width Values

Tags: bollinger band width scanner, bollinger bandwidth screener

List symbols
Add Column Bollinger Band Width(20,2) as BBW
Add Column Bollinger Band Width(20,2,TRUE) as nBBW
Apply to NSE

This scan determines and displays the Bollinger Band Width, both in normalized and non-normalized forms, for all symbols listed on the National Stock Exchange (NSE). When the parameter “TRUE” is used, it indicates that the Normalized Bollinger Band Width (BBW) is being computed.

The Normalized BBW represents the non-normalized BBW as a percentage of the average price, specifically the Middle Bollinger Band. This allows for a standardized comparison across different symbols and provides a more meaningful understanding of the band width in relation to the average price.

OPTION 1

You can utilize the abbreviation “BBW” in place of “Bollinger Band Width.” It is worth noting that the inclusion of the “Standard Deviation” parameter is discretionary, as it will automatically default to a value of 2.

List symbols
Add Column BBW(20) as BBW
Add Column BBW(20,2,TRUE) as nBBW
Apply to NSE

OPTION 2

Utilizing the inherent mathematical functions within the ChartAlert scripting language, you can calculate your own indicator values, as demonstrated in the following example. It is important to emphasize that both computed columns yield identical outcomes.

List symbols
Add Column BBW(20) as BBW
Add Column BBU(20) - BBL(20) as BBW_computed
Add Column BBW(20,2,TRUE) as nBBW
Add Column (BBU(20)-BBL(20))/BBM(20) as nBBW_computed
Apply to NSE

Increasing Volatility (Bollinger Band Width) (BBW)

Tags: bollinger band width scanner, bollinger bandwidth screener, bollinger band width increasing volatility, bollinger bands divergence, bollinger bands diverging

List symbols where BBW(20) has been increasing over the last 5 bars
'Plot BBW(20)
Apply to NSE

In a manner akin to “Diverging Bollinger Bands – Option 1“, this scan also examines the expansion of Bollinger Bands over the previous 5 periods.


Decreasing Volatility (Bollinger Band Width) (BBW)

Tags: bollinger band width scanner, bollinger bandwidth screener, bollinger band width decreasing volatility, bollinger bands converging, bollinger band blast scanner, narrow bollinger band scanner

List symbols where BBW(20) has been decreasing over the last 5 bars
Apply to NSE

This scan examines the convergence of Bollinger Bands, similar to the “Converging Bollinger Bands – Option 1“. It specifically focuses on the narrowing of Bollinger Bands within the past 5 bars.


Narrow Bands (Possible Breakout)

Tags: bollinger band squeeze daily, bollinger band squeeze screener, narrow bollinger bandwidth, narrow bollinger bandwidth screener

List symbols where BBW(20,2,TRUE) is between 0 and 0.1
Add Col BBW(20,2,TRUE) as nBBW
Sort on Col nBBW
Apply to NSE

This scan is designed to identify symbols exhibiting a Normalized Bollinger Band Width below 0.1, indicating a condition known as a “squeeze” in the Bollinger Bands. Such a situation suggests a potential breakout in the near future.


For comprehensive insights into the Bollinger Band Width indicator, including its computation methodology, the usefulness of Bollinger Band Width indicator in technical analysis, how to use Bollinger Band Width in trading, as well as exploring its advantages and limitations as an indicator, click here.

%d bloggers like this: