Madrid

Madrid Trend Spotter

707 2 98
This study shows a pair of colored moving averages filled with the color of the direction of the trend.
This study calculates the moving averages with standard or exponential M.A.'s. By default it uses a couple of fast exponential moving average pair (5,13) with the closing price as the source.

Parameters:
  • source
  • fast MA length
  • slow MA Length
  • type of moving average
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// Madrid : 16/Jun/2015 12:12 : 2.0 : Trend Spotter
// This study shows a pair of colored moving averages filled with the color of the
// direction of the trend.
// This study calculates the moving averages with standard or exponential M.A.'s
// By default it uses a couple of fast exponential moving average pair (5,13) with 
// the closing price as the source.
// Parameters: source, fast MA length, slow MA Length, type of moving average.
//
study("Madrid Trend Spotter", overlay=true, shorttitle="MTrendS")
src = input(close, type="source")
fastLen = input(5, minval=1)
slowLen = input(13, minval=1)
ema = input(true, title="Exponential")

maColor(ma) =>
    change(ma,3)>=0?lime:red
    
fastMA = ema?ema(src, fastLen):sma(src, fastLen)
slowMA = ema?ema(src, slowLen):sma(src, slowLen)

fastUT = plot(fastMA>=slowMA?fastMA:na, color=maColor(fastMA), style=linebr, linewidth=1)
slowUT = plot(fastMA>=slowMA?slowMA:na, color=maColor(slowMA), style=linebr,linewidth=1)
fill(fastUT, slowUT, color=lime, transp=80)

fastDT = plot(fastMA<slowMA?fastMA:na, color=maColor(fastMA), style=linebr,linewidth=1)
slowDT = plot(fastMA<slowMA?slowMA:na, color=maColor(slowMA), style=linebr,linewidth=1)
fill(fastDT, slowDT, color=red, transp=80)

plot(fastMA, color=maColor(fastMA), linewidth=2)
plot(slowMA, color=maColor(slowMA), linewidth=2)
Hello.
Since now I congratulate and reinforce the praise for all your excellent work with the many indicators that share here with the community. They are all excellent.
I have been testing some of them more deeply and would like to test the indicator from this post.
The issue is that when I add the indicator to the chart it gives error. It says, "Error: Could not compile scrip'Madrid Trend Spotter '".
Can you help ???
Thanks and continuation of the excellent work ...
Reply
What is your idea behind? Why using a pair of moving average, simple or exponential, and not plot 2 moving averages 8 and 55?
Nice coding!
+1 Reply
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