INVITE-ONLY SCRIPT
[blackcat] L5 Alchemy Gold (ALGOLD)
Updated
"[blackcat] L5 Alchemy Gold (ALGOLD)" indicator is a trend-following indicator that blends volume and price data to create a MACD-like oscillator, aiming to address the lagging issue typical in price-only indicators. The integration of leading volume information with lagging price data is a smart approach to create more timely signals. Additionally, incorporating a volatility filter to reduce false signals during sideways markets is a thoughtful enhancement.
It is shaping up to be quite comprehensive. It includes:
Entry Criteria: A composite crossover and crossunder of the fast and slow lines of the ALGOLD oscillator.
Exit Criteria: A crossover and crossunder of the fast and slow lines of the ALGOLD oscillator, but using a lower time frame for more sensitivity.
The input parameters of "[blackcat] L5 Alchemy Gold (ALGOLD)" indicator, are categorized into three groups:
Group 1, Alchemy Setting:
Group 2, DVATAR Setting:
Group 3, Divergence Setting:
"[blackcat] L5 Alchemy Gold (ALGOLD)" indicator are vivid and intuitive:
Candle Bar Color:
Gradient color changes to indicate trend strength, with warmer colors for bullish and cooler colors for bearish trends.
Line Colors and Shapes:
Histogram:
It is shaping up to be quite comprehensive. It includes:
- - An adaptive filter for smoothing price and volume data.
- - A volatility filter based on Average True Range (ATR).
- - A trigger moving average for generating smoothed price information.
- - An ALMA (Arnaud Legoux Moving Average) for further filtering of price and volume.
- - A divergence detector to identify potential trend reversals.
Entry Criteria: A composite crossover and crossunder of the fast and slow lines of the ALGOLD oscillator.
Exit Criteria: A crossover and crossunder of the fast and slow lines of the ALGOLD oscillator, but using a lower time frame for more sensitivity.
The input parameters of "[blackcat] L5 Alchemy Gold (ALGOLD)" indicator, are categorized into three groups:
Group 1, Alchemy Setting:
- Alchemy Sharpness (Default: 7) - Controls the sharpness of the adaptive filter.
- Alchemy Period (Default: 55) - Determines the smoothness of the oscillator.
Group 2, DVATAR Setting:
- DVATR Length (Default: 11) - Sets the period length for the DVATR, similar to ATR's Length.
- DVATR Threshold (Default: 0.07) - Adjusts sensitivity for sideways market detection.
- Smooth Length (Default: 21) - Smoothens the DVATR output, balancing with volatility detection.
Group 3, Divergence Setting:
- Parameters like Pivot Lookback, Max/Min of Lookback Range - Sets the sensitivity for divergence detection.
- Options to enable or disable plots for various types of divergence (Bullish, Hidden Bullish, Bearish, Hidden Bearish).
"[blackcat] L5 Alchemy Gold (ALGOLD)" indicator are vivid and intuitive:
Candle Bar Color:
Gradient color changes to indicate trend strength, with warmer colors for bullish and cooler colors for bearish trends.
Line Colors and Shapes:
- Green color represents the fast line, red for the slow line.
- Crosses of these lines signal entries (triangles) and exits (cross shapes).
- A band is created between these lines, filled with green for uptrends and red for downtrends.
Histogram:
- Red histogram for above 0 and uptrend.
- Blue histogram for above 0 and retracement.
- Green histogram for below 0 and downtrend.
- Yellow histogram for below 0 and bounce-up.
Release Notes
Add automatic trendlines for ALGOLD and a trendline trigger alert; This auto trend line can be turned on or off with input parameters and trend line look back bars can be set to decide how many trend line would be displayed.Release Notes
Add ghost moving average for ALGOLD for key support and resistance.Release Notes
clear up the main chart.Invite-only script
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