Inspired by Juboal-Rabaroansa Perosteck Alseyn Balveda dam T'seif
Methology: - I am using a TEMA (triple EMA) to determine the local trend direction and to give buy & sell signals when the trend changes. - An optional filter, using moving average convergence divergence (MACD), can be switched on to filter out 'false' signals. - The calculation of the TEMA does not request data from a resolution higher or lower than the resolution of the main charts symbol, However, the filter function does, if another resolution is chosen for the filter. - Persistent variables are used for buy and sell prices, enabling color-coding of the sell-signal (profitable or not).
Features: - Color coded TEMA - bullish=green , bearish=red - Buy/Sell indicator - Sell indicator: green=profit, yellow=loss - Optional noise filter - Optional variable time-frame for noise filter
Remarks: In my experience, the default values works best on the daily time frame. I encourage everyone to experiment with the values for best results. Using the script on non-standard charts (Heikin Ashi, Renko etc.) can produce unrealistic results. Using a resolution higher or lower than the main charts symbol for the filter can possibly lead to repainting.
Thanks to Iain M. Banks for making my life richer :-)
Release Notes
⋅
- Added a function for displaying percental change of price since last buy/sell. - Cleaned up the code and added some remarks.
Release Notes
⋅
- Buy/Sell signal is only given on bar close. - Changed Buy/Sell signals from text to colored up/down triangles.
Release Notes
⋅
- The percent label change color depending on negative or positive value. - Selectable use of a) labels w/price (max 50 visible) or b) plotshapes, for buy/sell signals. - Modified the name of the script. - Some cleanup of remarks.
hi tanks for your work.
i want to ask what is the diffrent between red and yellow sell triangles that apears?
Complector
⋅
@mojtabaaghakouchaki2, Yellow = sell with a loss. (compared to last green buy triangle).
ssvsraja
⋅
Hi, Can you please help me how to use this indicator. I am new to this and not sure what is the buy level and target levels.
I really appreciate your work.
Complector
⋅
@ssvsraja, The indicator gives a buy or sell signal based on the local trend (up or down). If the local trend changes from bullish to bearish it will give a sell signal and if the local trend changes from bearish to bullish it will give a buy signal. The indicator detects the trend change based on a triple EMA. Buy or sell levels (price) is shown when selecting labels (instead of plotshape) in the settings for the indicator. Target levels are not implemented.
ssvsraja
⋅
@Complector, Thank you for your response. Can I use this for indian equity stocks
Ajjaykummar
⋅
Can we create a stock screener with this system, so that we can find the stocks which has buy signals?
gauravbbawsar
⋅
Sir isper koi video banai h kya or ye Indian indices per work karega kya
gauravbbawsar
⋅
Sir plz make video on this where to buy or sell or which timeframe we can use for Indian indices
RajuSaqlaini
⋅
One of the best indicators i have come accross on Trading View. Keep it up bro. All the best.