Bollinger Bars Indicator on Gold

What it shows

The price candles, restyled. A dark blue bar spans the full high-low range of every candle, and the body runs from open to close in green (close at or above the open) or red (close below). The thin wick line itself is transparent, so the blue bar takes its place. The legend shows the open, high, low and close of the body.

How Pravex works it out

1. Take each candle’s open, high, low and close exactly as they are. Nothing is averaged and there is no look-back, so there is no warm-up: the very first candle draws.
2. Draw a wide bar from the low to the high in dark blue. This is the range part of the candle.
3. Draw the body on top from the open to the close: green when the close is at or above the open, red when it is below.

Settings

Setting	Default	What changing it does

How traders read it

There is nothing to read from it that the plain candle does not already say. Its use is the look: a heavier, higher-contrast candle that stands out against lines, zones and other overlays you have on the chart.

If you want bands around price, add Pravex’s separate Bollinger Bands indicator. This one will not show a squeeze or a band touch.

When it misleads

The name is the thing to watch. Bollinger Bars sounds like a volatility tool, but the code holds no moving average, no standard deviation and no band, so it cannot tell you whether the market is quiet or stretched. It has no settings to tune either. Treat it as a style choice for the candles, not as a signal.

Questions and answers

Is Bollinger Bars the same as Bollinger Bands?

No. Bollinger Bands draws a moving average with bands around it. In Pravex, Bollinger Bars only restyles the candles and calculates nothing.

Does Bollinger Bars have any settings?

No. It has no inputs. You can change colours in the Style tab, nothing else.

Which timeframe suits Bollinger Bars?

Any of them. It draws each candle from its own open, high, low and close, so it works the same way on every timeframe.

Why do my candles look different with Bollinger Bars on?

It adds a wide dark blue high-low bar behind each green or red body, so the whole range of every candle reads as a thick block.

Related: Historical Volatility, Average Daily Range, Chandelier Exit, every indicator.