Bollinger Band indicator: what is %b?

A vast number of technical analysis (TA) indicators exist. One interesting choice in possible relation to the crypto space is John Bollinger’s %b indicator.
In a previous article, Crypto Insider detailed Bollinger Bands® (B.B.), a charting indicator overlay developed by finance expert John Bollinger. Essentially, the three bands show where an asset’s price is located in relation to relatively high or low ranges. These bands also indicate times of increased or decreased market vo