OPEN-SOURCE SCRIPT

RK's 15 ∴ Timeframed Multiple MA Types Ribbon

Updated

I developed this indicator focusing on the KISS (Keep It Simple, Stupid) to help me in a more direct and visual way when enteringand exiting my market position.

The idea is to configure the indicator with your favorite Moving Averages and Lengths and Enter Long when the price is above and Short when the price is below.

I put the setup that I am testing now in the tooltips to give an example.

Release Notes

Just add the link of the code.

And heres another example of setup:

Release Notes

I put an alert() function with a plottable char when the pre-selected source crossover or crossunder all Moving Average Lines, and some small updates.

Release Notes

█ Update
I put 6 more lines, and then I remade part of the code to get better performance.

█ Inputs Explanation:
• Source → Is the source of all moving averages lines;
• Timeframe → Is the time resolution of the moving average that will be drawn in the chart;
• "Length Numbers as Fibonacci nth Term." →
Check (✅) if you are like me and always use the Fibonacci sequence numbers in length to only put the nth term like 8 as 21, 10 as 55, 12 as 144. Put the mouse on the tooltip icon (ⓘ) to see the list of usable inputs. This is very good to fast different lengths.
• Moving Average Lines → For each line, select the moving average type, the length, and the uptrend and downtrend colors. To help the study, you can choose "Equal to the Line Above" to use the same type of last moving average or "Turn off this MA line" to skip this line.
• Base Line To Change Ribbon Colors → This is the condition of when the Ribbons change colors. Each moving average ribbon will change the color every time this source (in the same timeframe of the chart) cross the respective line.
• "Draw Symmetrically Weighted Moving Average (SWMA) of the Lines?" → This is a pure aesthetics option to see smoothed lines.
I think the other inputs are straightforward to understand.

█ Tips:
• Start with only 1 or 2 lines and test your favorites moving average types with short lengths.
• Try to sync the alerts pictures with the best time to enter and exit a position without care to traps or fake movements.
• Keep this idea to the following 5 to 9 lines, test another moving average or length, pic the same colors to all these first lines, and get many excellent opportunities alerts.
• To the last Lines, search for slowest Moving Averages and Lengths that will prevent you from falling into a fake trend or a trap. This should reduce a lot of your alerts but, the idea is to avoid too risks ordres.
• With all configurated, select a different Timeframe in this indicator input to see if you could get faster or safer alerts.

In any case, I wish you all good and profitable operations.

Release Notes

Only to put an exemple.

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.

Want to use this script on a chart?

RodrigoKazuma

Feel free to share your success with me: 🤑👍
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