Bollinger Bands Percentile + Stdev Channels (BBPct)

This indicator can be utilized by traders and investors to effectively identify pullbacks, reversals, and mean regression, thereby enhancing their trading opportunities. Notably, extreme values of the BBPct, such as below -5 or above 105, indicate oversold or overbought conditions, respectively. Moreover, the presence of extreme STDC zones occurs when prices fall below the lower channel line or cross above the upper channel line. Traders can leverage this information as a mean reversion tool by identifying instances of peak overbought and oversold values. These distinctive characteristics facilitate the identification of potential entry and exit points, thus augmenting trading decisions and enhancing market analysis.

The indicator's parameters, such as the length of the moving average, the data source, and the standard deviation multiplier, can be customized to align with individual trading strategies and preferences.

Originality: The BBPct + STDC indicator, developed by AlgoAlpha, is an original implementation that combines the calculation of Bollinger Bands, percentile ranking, the %Stdev histogram and the STDC. While it shares some similarities with the Bollinger Bands %B indicator, the BBPct indicator introduces additional elements and customization options tailored to AlgoAlpha's methodology. The script is released under the Mozilla Public License 2.0, granting users the freedom to utilize and modify it while adhering to the license terms.