PB Scalping

This is a custom indicator script for MetaTrader, designed to generate buy and sell signals based on price action relative to Bollinger Bands. It identifies potential trade opportunities when the closing price crosses the lower Bollinger Band, plotting arrows on the chart to highlight entry points.

Key Features:

• Buy and Sell Signals:

  • A buy signal is generated when the closing price moves above the lower Bollinger Band after being below it.
  • A sell signal is triggered when the closing price moves below the lower Bollinger Band after being above it.

• Visual Representation:

  • Uses orange arrows for buy signals and blue arrows for sell signals.
  • Arrows are plotted at the low (for buy signals) and high (for sell signals) of the candlestick.

• Data Handling:

  • The indicator calculates values using Bollinger Bands with a 20-period setting and a 2-standard deviation multiplier on the closing price.
  • It processes up to 5,000 bars but omits older bars beyond a set threshold to optimize performance.
  • Uses buffer arrays to store and display signals.

• Performance Optimization:

  • Implements error handling for indicator creation.
  • Prevents unnecessary calculations on older bars.
  • Ensures smooth execution by setting arrays in series and handling data efficiently.