PROTECTED SOURCE SCRIPT
Advanced Buy/Sell Signals with BB by mattzab
Updated
The Basics
The Nitty Gritty
The buy and sell signal arrows are based on price and MACD histogram.
The MACD settings are as follows: 10 day fast EMA, 20 day slow EMA, 5 day SMA signal smoothing. Instead of close price, we are using the average point of the day's high, low, and close.
For the arrows, current price and yesterday's price are the average point between price high and low.
A BUY arrow is created when:
Current Price IS GREATER THAN Previous Price _AND_ Current MACD Histogram IS GREATER THAN Previous MACD Histogram
A SELL arrow is created when:
Current Price IS LESS THAN Previous Price _AND_ Current MACD Histogram IS LESS THAN Yesterday's MACD Histogram
The Red Tack is the threshold, or barrier, for the next arrow. It will not move.
The Blue Tack is the current point in space for our average Price and MACD Delta Values. It will move throughout the day (or hour or minute depending on your resolution). The Blue Tack will give you an indication of how close or how far from the reversal threshold (Red Tack) the ticker is at that point.
While the Blue Tack is ABOVE Red, the most recent signal arrow will be a buy, and we are in a buy/hold period.
While the Blue Tack is BELOW Red, the most recent signal arrow will be a sell, and we are in a sell/wait period.
If the Blue Tack crosses above or below Red, you'll get the next arrow.
The Bollinger Bands are unmodified and are just a background indicator for your use. If you prefer not to see the Bollinger Bands, change their transparency to 0% to hide them.
Please leave feedback on how the script works for you, if you run into problems, if you have any changes you'd like to see, etc.
- Buy and Sell Signal Arrows
- Tack Marks to show how close the next opposite arrow might be- showing possible trend reversals
- Standard Bollinger Bands
The Nitty Gritty
The buy and sell signal arrows are based on price and MACD histogram.
The MACD settings are as follows: 10 day fast EMA, 20 day slow EMA, 5 day SMA signal smoothing. Instead of close price, we are using the average point of the day's high, low, and close.
For the arrows, current price and yesterday's price are the average point between price high and low.
A BUY arrow is created when:
Current Price IS GREATER THAN Previous Price _AND_ Current MACD Histogram IS GREATER THAN Previous MACD Histogram
A SELL arrow is created when:
Current Price IS LESS THAN Previous Price _AND_ Current MACD Histogram IS LESS THAN Yesterday's MACD Histogram
The Red Tack is the threshold, or barrier, for the next arrow. It will not move.
The Blue Tack is the current point in space for our average Price and MACD Delta Values. It will move throughout the day (or hour or minute depending on your resolution). The Blue Tack will give you an indication of how close or how far from the reversal threshold (Red Tack) the ticker is at that point.
While the Blue Tack is ABOVE Red, the most recent signal arrow will be a buy, and we are in a buy/hold period.
While the Blue Tack is BELOW Red, the most recent signal arrow will be a sell, and we are in a sell/wait period.
If the Blue Tack crosses above or below Red, you'll get the next arrow.
The Bollinger Bands are unmodified and are just a background indicator for your use. If you prefer not to see the Bollinger Bands, change their transparency to 0% to hide them.
Please leave feedback on how the script works for you, if you run into problems, if you have any changes you'd like to see, etc.
Release Notes
Adjusted the initial display for better view.Release Notes
Adjusted initial view again, attempting to "reunjumble" the arrows and text boxes.Release Notes
Updated TitleRelease Notes
Added Buy/Sell alerts.Now you can enable alerts to text message for when you get a buy or sell arrow.
Release Notes
Fixed arrows after adding alerts.Release Notes
Added an alert that will notify you for either arrow, Buy or Sell.Release Notes
Added 10 Day SMA, labeled plot lines and shapes.Release Notes
Lots of changes. Arrows are produced less often now, preventing false sell alerts, based on 2 day SMA and 10 day SMA.
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.