GC Magic Overlay V2 — Indicator by GcNaif

ema

This script is based on Guppy method (
) , it was introduced to me by fellow trader @nmike. I am using this script in conjunction to Clones ,Harmonic and other tools.

Script Function:
a. Script plots the fast and slow Exponential moving averages as ribbons.
EMA's used
EMA (close): 25,30,35,40,45,50,55 (Green)
EMA (close): 89,99,109,119,129,139,149 (Red)
b. It draws the Circle dots in Pink for Sell and Black for Buy.

Script Parameters:
a. EMA : 2 emas for cross
b. Signal Exponential moving average
c. which time frame to Plot the above Signal Exponential
d. Show Guppy Slow - Red - Toggle to show red emas on chart
e. Show Guppy Fast - Green- Toggle to show green emas on chart

How to Trade:
a. Wait for the Pink/Black Dot to appear on Chart
b. Do not take trade immediately after the dot appears. Wait for the price to retrace back and touch the ema ribbons.This will keep you away from fake breakouts.
c. Rentries : in examples below

Examples:

I am a Chart Slave.Thank you TradingView and @nmike.

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 a publication is governed by House Rules. You can favorite it to use it on a chart.

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.

Want to use this script on a chart?

//@version=1
//based on Guppy method
//Written by : Gc Naif
//Written on : 12/31/2015

study("GC Magic Overlay V2", overlay = true, scale = scale.right)

//input(title="Offset", type=integer, defval=7, minval=-10, maxval=10)

ema55 = input(55,  title="EMA 1",minval=55)
ema149= input(149,  title="EMA 2",minval=149)
emaSignalHTF= input(200, title="Signal EMA ",minval=200)
resCustom = input(title="Time interval for Signal EMA (W, D, [min 60,120,240])", type=string, defval="240")
ShowSlowGuppyonChart = input(true, title="Show Guppy-Slow-Red   On Chart?")
ShowFastGuppyonChart = input(true, title="Show Guppy-Fast-Green On Chart?")


price = close
emav1 = ema(price,25)
emav2 = ema(price,30)
emav3 = ema(price,35)
emav4 = ema(price,40)
emav5 = ema(price,45)
emav6 = ema(price,50)
emav7 = ema(price,55)
emav8 = ema(price,89)
emav9 = ema(price,99)
emav10 = ema(price,109)
emav11 = ema(price,119)
emav12 = ema(price,129)
emav13 = ema(price,139)
emav14 = ema(price,149)

emav55  = ema(price,ema55)
emav149 = ema(price,ema149)


emaHTF = security(tickerid, resCustom, ema(price, emaSignalHTF))


MALongCross1 = crossover(emav55,emav149)  ? 1 : 0 
MAShortCross1 = crossunder(emav55,emav149)  ? 1 : 0 

BuySignal  = MALongCross1 > 0 and open[0] > emaHTF and close[0] > emaHTF      // buy signal
SellSignal = MAShortCross1 > 0 and open[0] < emaHTF and close[0] < emaHTF     // Short Signal

BuyGC  = BuySignal == 1
SellGC = SellSignal == 1

//plot only if guppy is checked
plot(ShowFastGuppyonChart ? emav55 : na , color=green, transp=0, linewidth=1)
plot(ShowSlowGuppyonChart ? emav149 : na, color=red, transp=0, linewidth=1)

//fast
plot(ShowFastGuppyonChart ? emav1 : na , color=green, transp=0, linewidth=1)
plot(ShowFastGuppyonChart ? emav2 : na , color=green, transp=0, linewidth=1)
plot(ShowFastGuppyonChart ? emav3 : na , color=green, transp=0, linewidth=1)
plot(ShowFastGuppyonChart ? emav4 : na , color=green, transp=0, linewidth=1)
plot(ShowFastGuppyonChart ? emav5 : na , color=green, transp=0, linewidth=1)
plot(ShowFastGuppyonChart ? emav6 : na , color=green, transp=0, linewidth=1)
// slow
plot(ShowSlowGuppyonChart ? emav8 : na ,  color=red, transp=0, linewidth=1)
plot(ShowSlowGuppyonChart ? emav9 : na ,  color=red, transp=0, linewidth=1)
plot(ShowSlowGuppyonChart ? emav10 : na , color=red, transp=0, linewidth=1)
plot(ShowSlowGuppyonChart ? emav11 : na , color=red, transp=0, linewidth=1)
plot(ShowSlowGuppyonChart ? emav12 : na , color=red, transp=0, linewidth=1)
plot(ShowSlowGuppyonChart ? emav13 : na , color=red, transp=0, linewidth=1)
plot(emaHTF, color=#ff00ff, transp=0, linewidth=2)

plotshape(BuyGC, style = shape.circle,location=location.belowbar, color=black, transp=0,size = size.small)
plotshape(SellGC, style = shape.circle,location=location.abovebar, color=#ff00ff , transp=0,size = size.small)