OPEN-SOURCE SCRIPT
Coloured MA R3-16 by JustUncleL
Updated
This indicator is an implementation of the coloured trend Moving Average, that includes some unique features. The Moving Average plot is coloured relative to it's direction and optionally display coloured Trend Bars using the standard 2-tone colours, or Grab candle style 4-tone colours.
Options:
1) Anchor Time Frame to a Highter Time frame, eg. set anchor to 1440 and length set to 8, the script will re-size the MA length needed to display on the current TF, say 60.
2) You can select between 11 different types of moving averages, each MA line can be a different type:
3) Option to display coloured Candles around the Ribbon, the colouring -
Standard candle colours:
The Grab candles scheme:
Options:
1) Anchor Time Frame to a Highter Time frame, eg. set anchor to 1440 and length set to 8, the script will re-size the MA length needed to display on the current TF, say 60.
2) You can select between 11 different types of moving averages, each MA line can be a different type:
- SMA = Simple Moving Average.
- EMA = Exponential Moving Average.
- WMA = Weighted Moving Average
- VWMA = Volume Weighted Moving Average
- SMMA = Smoothed Simple Moving Average.
- DEMA = Double Exponential Moving Average
- TEMA = Triple Exponential Moving Average.
- HullMA = Hull Moving Average
- SSMA = Ehlers Super Smoother Moving average
- ZEMA = Near Zero Lag Exponential Moving Average.
- TMA = Triangular (smoothed) Simple Moving Average.
3) Option to display coloured Candles around the Ribbon, the colouring -
Standard candle colours:
- Lime = candle closed above Ribbon.
- Red = candle closed below Ribbon.
The Grab candles 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.
Release Notes
Corrected bar colouring is some charts.Corrected Anchor calculation for week/months.
Release Notes
Minor Update:Changed MA type input selection to an options list, new with V3 Pinescript.
Release Notes
... Minor Bug Fixes- Corrected Anchor calculation for non-Intraday.
- Added implied GPL Copyright notice.
- Corrected some header notes.
3) Option to display coloured Candles based on MA direction, the colouring uses:
Standard candle colour scheme:
- Lime = MA trend direction up.
- Red = MA Trend Direction Down.
Grab candles colour scheme:
- Lime = Trend up, Bull candle.
- Green = Trend Up, Bear candle.
- Red = Trend Down, Bull candle.
- DarkRed = Trend Down, Bear candle.
Release Notes
Minor Update- Change Anchor to be based purely on Minutes, so 1 month=30240mins (21 trading days),1 week=7200mins (5 trading days), 1 Day=1440mins. This makes it more consistent across intraday and extraday chart Timeframes.
Release Notes
Revision 16-Dec-2019 R4-1- Upgraded to Version 4 Pinescript
- Updated zerolag formula.
- Added Alert for each change in direction of moving average (color change).
- Added option to change the lookback length for Direction change detection.
- Added option to color background with MA Direction.
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.