OPEN-SOURCE SCRIPT

Big Snapper Alerts R2.0 by JustUncleL

Updated

This is a diversified Binary Option or Scalping Alert indicator originally designed for lower Time Frame Trend or Swing trading. Although you will find it a useful tool for higher time frames as well.

The Alerts are generated by the changing direction of the ColouredMA (HullMA by default), you then have the choice of selecting the Directional filtering on these signals or a Bollinger swing reversal filter.

The filters include:

Type 1 - The three MAs (EMAs 21,55,89 by default) in various combinations or by themselves. When only one directional MA selected then direction filter is given by ColouredMA above(up)/below(down) selected MA. If more than one MA selected the direction is given by MAs being in correct order for trend direction.
Type 2 - The SuperTrend direction is used to filter ColouredMA signals.
Type 3 - Bollinger Band Outside In is used to filter ColouredMA for swing reversals.
Type 4 - No directional filtering, all signals from the ColouredMA are shown.

Notes:

Each Type can be combined with another type to form more complex filtration.
Alerts can also be disabled completely if you just want one indicator with one colouredMA and/or 3xMAs and/or Bollinger Bands and/or SuperTrend painted on the chart.

Warning:

Be aware that combining Bollinger OutsideIn swing filter and a directional filter can be counter productive as they are opposites. So careful consideration is needed when combining Bollinger OutsideIn with any of the directional filters.

Hints:

For Binary Options try ColouredMA = HullMA(13) or HullMA(8) with Type 2 or 3 Filter.
When using Trend filters SuperTrend and/or 3xMA Trend, you will find if price reverses and breaks back through the Big Fat Signal line, then this can be a good reversal trade.
Some explanation about the what Hull Moving average and ideas of how the generated in Big Snapper can be used:
https://tradingsim.com/blog/hull-ma/
http://forextradingstrategies4u.com/hull-moving-average-forex-trading-strategy/

Inspiration from vdubus

Big Snapper's Bollinger OutsideIn Swing filter in Action:

Release Notes

Release R3.0

Added new Signal Type 5: Signals come from Fast MA crossing slower ColouredMA.
Replaced OutsideIn Coloured MA signals with those generated from the MA cross, this gives earlier entry points.
Added selectable colours for Big fat marker, the big arrows colours must still be selected in the "Style" parameters of the script.

Further Hints:

Try using SSMA instead of HullMA for signal line, it is similar to Hull but remains smoother at low lengths and also works well with the MA Cross signals.
For Binary Options/Scalping try MACross signals from ColouredMA = SSMA(14) and FastMA = SSMA(7) with a directional filter, eg EMA 89
Another BO/Scalper try OutsideIN:MACross ColouredMA = SSMA(14) and FastMA = SSMA(7) and Bollinger set to (14,2)
For Long term traders how about trying Swing trading with OutSideIN, same settings as above.

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.

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JustUncleL

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.