Madrid

Madrid Moving Average Ribbon

This plots a moving average ribbon, either exponential or standard. It provides an easy and fast way to determine the trend direction and possible reversals.
Lime : Uptrend. Long trading
Maroon : Reentry (buy the dip) or downtrend reversal warning
Red : Downtrend. Short trading
Green : Short Reentry (sell the peak) or uptrend reversal warning

To best determine if this is a reentry point or a trend reversal the MMARB (Madrid Moving Average Ribbon Bar) study is used. This is the bar located at the bottom. This bar signals when a current trend reentry is found (partially filled with opposite dark color) or when a trend reversal is ahead (completely filled with opposite dark color).

This study requires no parameters, and it can be used on any time frame.

I hope this effort can help you in your trading.
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//
// Madrid : 17/OCT/2014 22:51M: Moving Average Ribbon : 2.0 : MMAR
// http://madridjourneyonws.blogspot.com/
//
// This plots a moving average ribbon, either exponential or standard.
// This study is best viewed with a dark background.  It provides an easy
// and fast way to determine the trend direction and possible reversals.
//
// Lime : Uptrend. Long trading
// Green : Reentry (buy the dip) or downtrend reversal warning
// Red : Downtrend. Short trading
// Maroon : Short Reentry (sell the peak) or uptrend reversal warning
// 
// To best determine if this is a reentry point or a trend reversal
// the MMARB (Madrid Moving Average Ribbon Bar) study is used. 
// This is the bar located at the bottom.  This bar signals when a
// current trend reentry is found (partially filled with opposite dark color)
// or when a trend reversal is ahead (completely filled with opposite dark color).
//

study(title="Madrid Moving Average Ribbon", shorttitle="MMAR", overlay=true)
exponential = input(true, title="Exponential MA")

src = close

ma05 = exponential ? ema(src, 05) : sma(src, 05)
ma10 = exponential ? ema(src, 10) : sma(src, 10)
ma15 = exponential ? ema(src, 15) : sma(src, 15)
ma20 = exponential ? ema(src, 20) : sma(src, 20)
ma25 = exponential ? ema(src, 25) : sma(src, 25)
ma30 = exponential ? ema(src, 30) : sma(src, 30)
ma35 = exponential ? ema(src, 35) : sma(src, 35)
ma40 = exponential ? ema(src, 40) : sma(src, 40)
ma45 = exponential ? ema(src, 45) : sma(src, 45)
ma50 = exponential ? ema(src, 50) : sma(src, 50)
ma55 = exponential ? ema(src, 55) : sma(src, 55)
ma60 = exponential ? ema(src, 60) : sma(src, 60)
ma65 = exponential ? ema(src, 65) : sma(src, 65)
ma70 = exponential ? ema(src, 70) : sma(src, 70)
ma75 = exponential ? ema(src, 75) : sma(src, 75)
ma80 = exponential ? ema(src, 80) : sma(src, 80)
ma85 = exponential ? ema(src, 85) : sma(src, 85)
ma90 = exponential ? ema(src, 90) : sma(src, 90)
ma100 = exponential ? ema(src, 100) : sma(src, 100)

leadMAColor = change(ma05)>=0 and ma05>ma100 ? lime
            : change(ma05)<0  and ma05>ma100 ? maroon
            : change(ma05)<=0 and ma05<ma100 ? red
            : change(ma05)>=0 and ma05<ma100 ? green
            : gray
maColor(ma, maRef) => 
              change(ma)>=0 and ma05>maRef ? lime
            : change(ma)<0  and ma05>maRef ? maroon
            : change(ma)<=0 and ma05<maRef ? red
            : change(ma)>=0 and ma05<maRef ? green
            : gray
            
plot( ma05, color=leadMAColor, style=line, title="MMA05", linewidth=3)
plot( ma10, color=maColor(ma10,ma100), style=line, title="MMA10", linewidth=1)
plot( ma15, color=maColor(ma15,ma100), style=line, title="MMA15", linewidth=1)
plot( ma20, color=maColor(ma20,ma100), style=line, title="MMA20", linewidth=1)
plot( ma25, color=maColor(ma25,ma100), style=line, title="MMA25", linewidth=1)
plot( ma30, color=maColor(ma30,ma100), style=line, title="MMA30", linewidth=1)
plot( ma35, color=maColor(ma35,ma100), style=line, title="MMA35", linewidth=1)
plot( ma40, color=maColor(ma40,ma100), style=line, title="MMA40", linewidth=1)
plot( ma45, color=maColor(ma45,ma100), style=line, title="MMA45", linewidth=1)
plot( ma50, color=maColor(ma50,ma100), style=line, title="MMA50", linewidth=1)
plot( ma55, color=maColor(ma55,ma100), style=line, title="MMA55", linewidth=1)
plot( ma60, color=maColor(ma60,ma100), style=line, title="MMA60", linewidth=1)
plot( ma65, color=maColor(ma65,ma100), style=line, title="MMA65", linewidth=1)
plot( ma70, color=maColor(ma70,ma100), style=line, title="MMA70", linewidth=1)
plot( ma75, color=maColor(ma75,ma100), style=line, title="MMA75", linewidth=1)
plot( ma80, color=maColor(ma80,ma100), style=line, title="MMA80", linewidth=1)
plot( ma85, color=maColor(ma85,ma100), style=line, title="MMA85", linewidth=1)
plot( ma90, color=maColor(ma90,ma100), style=line, title="MMA90", linewidth=3)


Awesome indicator. Like bollinger bands but even better :)
Reply
wow, this is fantastic. Thanks Madrid. I'm definitely having a closer look at this. Has anyone done any backtesting on this? What's the optimal use (pairs? volatility? timeframe?). I'd be curious to see how effective this is once implemented in trading.
Reply
Good one buddy...
Little prob
1. Can we use it with renko?
2. The bottom indicator is missing...
+6 Reply
SumitJain PRO SumitJain
problem 2 solved...waiting for 1, any expert comments?
+2 Reply
@SumitJain, how did you solve that problem can you please help me
Reply
also known as RainbowMoving (Kourosh Davallou)
https://www.mql5.com/en/market/product/7781
Reply
Hi Madrid, this looks awesome! How do I use it for NinjaTrader 8? Thank you. ANN
Reply
This might be the best thing I've found. Why not add ma95 and ma100 also?
Reply
Bottom bar is not appear? how can i install it.
+6 Reply
missing the 100EMA from the plot... line 76?
add the 200EMA also.
+1 Reply
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