It consist of 3 T3 moving averages. was developed by by Tim Tillson and is considered superior to traditional moving averages as it is smoother, more responsive and thus performs better in ranging market conditions as well.
This indicator works on any stock, index, future or cryptocurrency.
The ways how you can use it:
- When the price is above the green band, trade with longs
- When the price is below the red band, trade with shorts
- When the price crosses down Signal T3 while above the green band, close the long position and reopen it only if price breaks up above the Signal T3 and is above green band.
- When the price crosses up Signal T3 while below the red band, close short position. If price drops down below Signal T3, open short position again.
- The bands are working as supports and resistances. When price is above the green band and drops, there is a high chance it will bounce back as soon as it hits the Long Band T3. (It will act as support)
- When price is below the red band and rises, there is a high chance it will bounce back as soon as it hits the Short Band T3 (it will act as resistance)
Any ideas, feedback and comments will be really helpful.
Consider to tip me if this indicator is any use for you and think that I should make more of them to help the community of traders.
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 a publication is governed by House Rules. You can favorite it to use it on a chart.