Attached is a screenshot showing an example of the double-bottom outside/inside the Bollinger bands. The black SMA (period 1) is showing the line-on-close so you can see the minor swings better. The Swing_temp indicator is shown which picks up the inside bottom where we finally have a move back to the 20SMA.
Unfortunately, this is a hand-picked screenshot with 20/20 hindsight. With this type of countertrend trade, you'd need plenty of screen time to practice entries for this. You can see by scrolling forward / backward through these types of trades that you'd need additional filters or ways to avoid chop or fake-outs.
Hope that helps.
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in tranding days no indicator will help you but trend days is only less than 20% so if you want to try in rotational day you trade the extrimes of the range ,or extrim of valeu areas with market profile or something I like better the hi volume areas and the low volume areas using volume at price ....in this days Bolinger bands will work fine too.
I see this one as contrary to choice 1, as it says sell, when it bar closed lower band as it breaks support and also buy when bar breaks upper band at his resistance and this is opposite to normal theory. any idea when we should be careful and use this?
I've yet to code a way to pick up the double-tops or -bottoms for the countertrend trading you're looking for. Maybe someone has a good strategy based on DT / DB entries that could use the BBands for confirmation and targets.
enjoy your studies!
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