In the Bollinger bands common usage people apply the (most commonly) used bands deviation 2 without being aware why that deviation is used.
Based on statistics, if we use deviation 2, then 95.4% of the PRICE must lie between the two bands. And that is true. But to have that, you should use line charts, not bar or candle charts - since with either of those you get a false impression that there is much more than those expected 4.6% of cases when the price breaks out of the bands
This version is made to address that and is keeping the bars/candles prices within the expected % of the normal distribution
