This indicator is in beta, so please make suggestions and report bugs to me directly. Thanks!

This indicator is my own creation so I do not have a source link available.

The purpose of this indicator:
A lot of traders determine stoploss size (risk), the volatility of the market, and trading criteria based on on various Bollinger Band attributes. One of these attributes is the spread between the upper and lower bands. This indicator allows the user to designate three levels of market volatility based on the Bollinger Band indicator and display it visually on the chart using a multi-color plot.

Updated with _v4:
-Using a different plot method the live plots are more detailed.
-There is now an optional color coded shading between the bands/plot lines.
-The plot lines are now optional as well.

How it works:
The user has two threashold inputs, "Wide_Tick_Threashold" and "Narrow_Tick_Threashold" that determine what is a narrow color plot (yellow) and what is a wide color plot (red) based on the spread between the upper and lower Bollinger Band lines. If the spread (in number of ticks) is not greater than the Wide_Tick_Threashold and not narrower than the Narrow_Tick_Threashold, the bands are determined to be in a nuetrual state and are plotted in a navy color.

User adjustments may be desired:
The user will most likely want to adjust the spread theasholds according to their risk tolerance, the instrument they are trading, and the current market conditions. If the user does not, the colors may rarely change and the indicator will not be very useful. (I considered automating this adjustment, but I felt that took control and flexibilty away from the trader, so I did not include this.)

Text on Screen:
The user input spread threashold designations are printed in the upper left corner of the chart labled "Narrow" and "Wide". The "Actual Upper/Lower Band Spread" that is dictated by the market, is also in the upper left of the chart.