OPEN-SOURCE SCRIPT
[SS]Multicolor BB with Squeez Moving Average & Colored Bars
Hello Followers,
Hope u guyz doing well in the market.
Came with a standalone Trading System which helps u with the trend & choppiness zone.
This system is combination of multiple stretagies which makes it better than single published indicators.
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We have used Variety-Filtered, Squeeze Moving Averages which is a chop zone indicator that identifies when price is below a specific volatility threshold calculated as the difference between a fast and slow moving average and filtered using ATR- or Pips-based threshold. This indicator can be use as both an entry and exit indicator. It identifies both chop zones and breakouts/breakdowns
Uses:-
When the candles turn white and the threshold bands appear on the chart, this is indicative of low volatility
When price exits the threshold bands, price will usually explode up or down giving a long or short signal. This acts as a sort of squeeze momentum.
Included:
Bar coloring
Signals
Alerts, 4 types of alerts: Squeeze started, Squeeze ended, long, and short
<<------------------------------------->>
Multicolour Bollinger Bands indicator that indicates market phases.
It plots on the price chart, thanks to different color zones between the bands, a breakdown of the different phases that the price operates during a trend.
The different zones are identified as follows:
- red color zone: trend is bearish , price is below the 200 periods moving average
--> orange color zone: price operate a technical rebound below the 200 periods moving average
- yellow color zone: (phase 1 which indicate a new bearish cycle)
- light green zone: (phase 2 which indicate a new bullish cycle)
--> dark green zone: trend is bullish , price is above the 200 periods moving average
- grey color zone: calm phase of price/low volatility
- dark blue color zone: price is consolidating in either bullish or bearish trend
- light blue zones: price will revert to a new opposite trend (either long or short new trend)
By identifying clearly the different market phases with the multicolor Bollinger bands , the market entries by either a the beginning of a new trend or just after a rebound or a consolidating phase is easier to spot on.
<<==========================>>
The credit of above indicator souce goes to loxx & Deveatt. I just backtested and modified it to increase accuracy of trade and clear visual representation for trades.
Modified the trend based SMA and BB period and entry criteria.
<<===========================>>
<<How to use it combined for trade>>
1) Look for BB COLOR and SMA for trend either up or down.
2) Look Bar coloring, enter when price above sma and green for long else short.
Hope u guyz doing well in the market.
Came with a standalone Trading System which helps u with the trend & choppiness zone.
This system is combination of multiple stretagies which makes it better than single published indicators.
=========================================================================================================
We have used Variety-Filtered, Squeeze Moving Averages which is a chop zone indicator that identifies when price is below a specific volatility threshold calculated as the difference between a fast and slow moving average and filtered using ATR- or Pips-based threshold. This indicator can be use as both an entry and exit indicator. It identifies both chop zones and breakouts/breakdowns
Uses:-
When the candles turn white and the threshold bands appear on the chart, this is indicative of low volatility
When price exits the threshold bands, price will usually explode up or down giving a long or short signal. This acts as a sort of squeeze momentum.
Included:
Bar coloring
Signals
Alerts, 4 types of alerts: Squeeze started, Squeeze ended, long, and short
<<------------------------------------->>
Multicolour Bollinger Bands indicator that indicates market phases.
It plots on the price chart, thanks to different color zones between the bands, a breakdown of the different phases that the price operates during a trend.
The different zones are identified as follows:
- red color zone: trend is bearish , price is below the 200 periods moving average
--> orange color zone: price operate a technical rebound below the 200 periods moving average
- yellow color zone: (phase 1 which indicate a new bearish cycle)
- light green zone: (phase 2 which indicate a new bullish cycle)
--> dark green zone: trend is bullish , price is above the 200 periods moving average
- grey color zone: calm phase of price/low volatility
- dark blue color zone: price is consolidating in either bullish or bearish trend
- light blue zones: price will revert to a new opposite trend (either long or short new trend)
By identifying clearly the different market phases with the multicolor Bollinger bands , the market entries by either a the beginning of a new trend or just after a rebound or a consolidating phase is easier to spot on.
<<==========================>>
The credit of above indicator souce goes to loxx & Deveatt. I just backtested and modified it to increase accuracy of trade and clear visual representation for trades.
Modified the trend based SMA and BB period and entry criteria.
<<===========================>>
<<How to use it combined for trade>>
1) Look for BB COLOR and SMA for trend either up or down.
2) Look Bar coloring, enter when price above sma and green for long else short.
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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