OPEN-SOURCE SCRIPT
GlitterBomber
📈 GlitterBomber Indicator – Overview
The GlitterBomber is a dynamic channel-based indicator that blends trend-following and mean-reversion principles. It utilizes linear regression and standard deviation to create adaptive price bands and generates buy/sell signals, early alerts, and multi-timeframe support/resistance zones.
Whether you're swing trading, scalping, or running intraday setups, GlitterBomber is built to adapt.
⚙️ Settings & Configuration Guide
🔹 Channel Settings
Channel Length: Number of bars used to calculate the regression line and standard deviation.
Higher = smoother trend, less noise.
Lower = faster signals, more sensitivity.
Channel Width Multiplier: Expands the channel based on price volatility (standard deviation).
Higher multiplier = wider bands, fewer signals.
Lower = tighter bands, more signals.
Source: The price data used for calculations (e.g. close, hl2, ohlc4). Default is close.
🔹 Display Options
Show Mid Line?: Toggles the central regression line on/off. Useful for trend visualization and early signal reference.
🔹 Signal Alert Filters
Alert Type:
Buy Only – Triggers only bullish signals.
Sell Only – Triggers only bearish signals.
Both – Triggers all valid signals.
🔹 Early Signal Settings
These provide early warning signals when price moves a defined percentage away from the regression midline:
Early Buy % Below Midline: Fires when price drops below the midline by X%.
Early Sell % Above Midline: Fires when price rises above the midline by X%.
Useful for aggressive entries before outer band touches.
🔹 Support & Resistance Settings
Timeframe: Select the higher timeframe (e.g. Daily, 4H) from which to extract S/R levels.
Lookback Period: Number of bars to scan for highest highs (resistance) and lowest lows (support).
These horizontal S/R lines act as key reference levels for entries, exits, and stop-loss zones.
🧠 How It Works
📏 Linear Regression + Standard Deviation
Midline: A regression line that represents the average trend.
Upper/Lower Bands: Dynamically calculated by adding/subtracting standard deviation from the midline.
These form a statistical envelope — ideal for identifying trend boundaries and mean-reversion zones.
📊 Signal Logic
✅ Buy Signal
Fires when the price crosses above the lower channel — often indicating a bounce or trend reversal.
🚫 Sell Signal
Fires when the price crosses below the upper channel — potential exhaustion or short entry.
⚠️ Early Signals
Fired when price diverges from the midline by a user-defined percentage.
Useful for catching overextended moves before they hit outer bands.
📌 Support/Resistance Lines
Derived from a higher timeframe using lookback-based highs and lows.
Adds multi-timeframe confluence for more robust setups.
💼 3 Use Cases & Ideal Settings
✅ 1. Swing Trading (1H or 4H)
Goal: Capture medium-term reversion moves.
Channel Length: 100
Multiplier: 2.0
Early Buy/Sell %: 1.5%
S/R Timeframe: "D"
S/R Lookback: 50
Strategy:
Buy when price dips below the lower band and reverses.
Confirm confluence with daily support.
Exit at midline or upper resistance.
✅ 2. Intraday Trend Riding (15-Minute Chart)
Goal: Follow short-term momentum with breakout entries.
Channel Length: 50
Multiplier: 1.5
Early Signals: OFF (set both % to 0)
S/R Timeframe: "1H"
S/R Lookback: 24
Strategy:
Enter on breakout above the upper band.
Use S/R to trail or set profit targets.
Ideal in strong trending environments.
✅ 3. Scalping Reversals (5-Minute Chart)
Goal: Fade short-term overbought/oversold conditions.
Channel Length: 30
Multiplier: 1.0
Early Buy %: 0.8%
Early Sell %: 0.8%
S/R Timeframe: "15"
S/R Lookback: 20
Strategy:
Enter on early signal (circle) confirmation.
Exit quickly at midline.
Use higher timeframe S/R to avoid entering into major support or resistance.
🏁 Conclusion
GlitterBomber is more than just a channel indicator — it's a framework for building trades around statistical price behavior, multi-timeframe confluence, and early signal detection.
Whether you're fading, trending, or managing risk through key zones — this tool gives you both structure and flexibility.
Please feel free to comment and offer suggestion always up for hear new idea's!
Happy Trading!
The GlitterBomber is a dynamic channel-based indicator that blends trend-following and mean-reversion principles. It utilizes linear regression and standard deviation to create adaptive price bands and generates buy/sell signals, early alerts, and multi-timeframe support/resistance zones.
Whether you're swing trading, scalping, or running intraday setups, GlitterBomber is built to adapt.
⚙️ Settings & Configuration Guide
🔹 Channel Settings
Channel Length: Number of bars used to calculate the regression line and standard deviation.
Higher = smoother trend, less noise.
Lower = faster signals, more sensitivity.
Channel Width Multiplier: Expands the channel based on price volatility (standard deviation).
Higher multiplier = wider bands, fewer signals.
Lower = tighter bands, more signals.
Source: The price data used for calculations (e.g. close, hl2, ohlc4). Default is close.
🔹 Display Options
Show Mid Line?: Toggles the central regression line on/off. Useful for trend visualization and early signal reference.
🔹 Signal Alert Filters
Alert Type:
Buy Only – Triggers only bullish signals.
Sell Only – Triggers only bearish signals.
Both – Triggers all valid signals.
🔹 Early Signal Settings
These provide early warning signals when price moves a defined percentage away from the regression midline:
Early Buy % Below Midline: Fires when price drops below the midline by X%.
Early Sell % Above Midline: Fires when price rises above the midline by X%.
Useful for aggressive entries before outer band touches.
🔹 Support & Resistance Settings
Timeframe: Select the higher timeframe (e.g. Daily, 4H) from which to extract S/R levels.
Lookback Period: Number of bars to scan for highest highs (resistance) and lowest lows (support).
These horizontal S/R lines act as key reference levels for entries, exits, and stop-loss zones.
🧠 How It Works
📏 Linear Regression + Standard Deviation
Midline: A regression line that represents the average trend.
Upper/Lower Bands: Dynamically calculated by adding/subtracting standard deviation from the midline.
These form a statistical envelope — ideal for identifying trend boundaries and mean-reversion zones.
📊 Signal Logic
✅ Buy Signal
Fires when the price crosses above the lower channel — often indicating a bounce or trend reversal.
🚫 Sell Signal
Fires when the price crosses below the upper channel — potential exhaustion or short entry.
⚠️ Early Signals
Fired when price diverges from the midline by a user-defined percentage.
Useful for catching overextended moves before they hit outer bands.
📌 Support/Resistance Lines
Derived from a higher timeframe using lookback-based highs and lows.
Adds multi-timeframe confluence for more robust setups.
💼 3 Use Cases & Ideal Settings
✅ 1. Swing Trading (1H or 4H)
Goal: Capture medium-term reversion moves.
Channel Length: 100
Multiplier: 2.0
Early Buy/Sell %: 1.5%
S/R Timeframe: "D"
S/R Lookback: 50
Strategy:
Buy when price dips below the lower band and reverses.
Confirm confluence with daily support.
Exit at midline or upper resistance.
✅ 2. Intraday Trend Riding (15-Minute Chart)
Goal: Follow short-term momentum with breakout entries.
Channel Length: 50
Multiplier: 1.5
Early Signals: OFF (set both % to 0)
S/R Timeframe: "1H"
S/R Lookback: 24
Strategy:
Enter on breakout above the upper band.
Use S/R to trail or set profit targets.
Ideal in strong trending environments.
✅ 3. Scalping Reversals (5-Minute Chart)
Goal: Fade short-term overbought/oversold conditions.
Channel Length: 30
Multiplier: 1.0
Early Buy %: 0.8%
Early Sell %: 0.8%
S/R Timeframe: "15"
S/R Lookback: 20
Strategy:
Enter on early signal (circle) confirmation.
Exit quickly at midline.
Use higher timeframe S/R to avoid entering into major support or resistance.
🏁 Conclusion
GlitterBomber is more than just a channel indicator — it's a framework for building trades around statistical price behavior, multi-timeframe confluence, and early signal detection.
Whether you're fading, trending, or managing risk through key zones — this tool gives you both structure and flexibility.
Please feel free to comment and offer suggestion always up for hear new idea's!
Happy Trading!
Script open-source
In pieno spirito TradingView, il creatore di questo script lo ha reso open-source, in modo che i trader possano esaminarlo e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricorda che la ripubblicazione del codice è soggetta al nostro Regolamento.
Per un accesso rapido a un grafico, aggiungi questo script ai tuoi preferiti: per saperne di più clicca qui.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Script open-source
In pieno spirito TradingView, il creatore di questo script lo ha reso open-source, in modo che i trader possano esaminarlo e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricorda che la ripubblicazione del codice è soggetta al nostro Regolamento.
Per un accesso rapido a un grafico, aggiungi questo script ai tuoi preferiti: per saperne di più clicca qui.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.