OPEN-SOURCE SCRIPT
MA Ribbon R2 by JustUncleL
Updated
This indicator plots and colour codes a ribbon between two moving averages. The colour of the ribbon changes with trend direction: when price in uptrend ribbon colour is green; when price in downtrend ribbon colour is red.
Options Available:
1) You can select between 11 different types of moving averages, each MA line can be a different type.
2) Option to display coloured Candles around the Ribbon, the colouring uses the Grab candles colour scheme:
3) Option to base the candles on a higher time frame (HFT), this performed by increasing the MA length to create equivalent lengths from the HFT. So no re-painting.
NOTE: The script will time out if the MA lengths get too long after resizing.
Options Available:
1) You can select between 11 different types of moving averages, each MA line can be a different type.
2) Option to display coloured Candles around the Ribbon, the colouring uses the Grab candles colour scheme:
- Lime = Bull candle closed above Ribbon.
- Green = Bear candle closed above Ribbon.
- Red = Bull candle closed below Ribbon.
- DarkRed = Bear candle closed below Ribbon.
- Aqua = Bull candle closed inside Ribbon.
- Blue = Bear candle closed inside Ribbon.
3) Option to base the candles on a higher time frame (HFT), this performed by increasing the MA length to create equivalent lengths from the HFT. So no re-painting.
NOTE: The script will time out if the MA lengths get too long after resizing.
Release Notes
Now allow anchor option to be used for Days and Weeks.Added option to use standard 3-tone bar colouring, or 6-tone Grab candle Colouring
Fixed bug on bar colouring with some displays.
Changed Ribbon MAs to dotted lines.
Added more documentation in header.
Release Notes
Minor aesthetic updates:- Changed MA Type input to options selection list, for easier MA type choosing.
- Change to Disable coloured bars by default, to allow already installed scripts to colour bars first.
Release Notes
... Minor Bug Fixes, some new options.- Corrected Anchor calculation for non-intraday charts.
- Added implied GPL copyright notice.
- Added option for both open and close outside ribbon colouring, instead of just close.
- Added Laguerre MA type.
- Some tidy up.
Release Notes
... R5 revision Alerts.Added Alert Buy/Sell Entry and exits option based on candle colour:
- When candle changes to green or lime, then Buy signal
- When candle changes to red or darkred, then Sell signal.
- When candle changes to different color to Buy/Sell then exit signal.
Added associated alarms to the TradingView's Alarm Subsystem, for the above Alerts.
Release Notes
... Alert Filter- Added optional Filter for Alerts to only allow signals in direction of main trend, ie Fast MA Directional Slope colour must be same as Ribbon colour.
Release Notes
Minor update- Change Anchor calculation to be based on Minutes for trading period Daily (1440 = 1 Day), Weekly (7200 = 5Days), and Monthly (30240 = 21 Days). This change makes the Anchor more consistent across the Intraday/extraDaily time frame crossover.
Release Notes
Revision R5.1- Added optional central medium moving average, however, it does not have an active role on the alerts nor candle colouring.
- Changed ZeroLag EMA to an alternative formula to make it different from DEMA.
- Remove some redundant code in the Anchor calc.
Release Notes
R5.2 Release:- Added optional to show and alert MA Ribbon Cross Overs. Buy signal on first Bullish candle and Sell on first Bearish candle.
- Renamed some variables to make code easier to read.
- Added LINREG option to the moving average type list.
- Minor Bug fixes.
- Added option to disable Ribbon completely when changing Chart TF to a higher time frame than specified Anchor TF.
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.
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.