OPEN-SOURCE SCRIPT
Moving Average Ribbon - version 4
There are many different strategies using Moving Averages such as the Guppy, Super Guppy, Madrid Ribbon and others. Some strategies use one type of calculation over the other.
I am not advocating one strategy over another and this indicator is not a particular strategy. It provides up to 27 moving averages. You can choose between Simple, Exponential (default), ALMA, Hull, WMA, RMA and DEMA for the calculation method.
You can choose which Moving Averages to show and not show.
You can change the lengths of any of the Moving Averages.
Some strategies I have seen uses different sources. You can set the source for each individual Moving Average.
If you use this indicator more than once on the same chart, you can offset the two indicators if needed.
The indicator has two methods for coloring the plots. The default is by direction and order. If going up and the faster MA is higher than the next slower MA, it is bullish. If going down and the faster MA is lower than the next slower MA, it is bearish. Otherwise, it is neutral.
An alternate means looks at separation distance. A slower MA will inherit the color of the faster MA if the distance between the two is equal or greater than the previous candle.
If standard colors are used, there is a Strong Bear, Weak Bear, Strong Bull and Weak Bull. If you choose to use Alternate colors, you have a Bullish and Bearish color.
Defaults are simply set to how I have been using it. I also have it applied on multiple charts across multiple timeframes. It is not a recommendation or promise of best method. I am still experimenting with different layouts.
I am not advocating one strategy over another and this indicator is not a particular strategy. It provides up to 27 moving averages. You can choose between Simple, Exponential (default), ALMA, Hull, WMA, RMA and DEMA for the calculation method.
You can choose which Moving Averages to show and not show.
You can change the lengths of any of the Moving Averages.
Some strategies I have seen uses different sources. You can set the source for each individual Moving Average.
If you use this indicator more than once on the same chart, you can offset the two indicators if needed.
The indicator has two methods for coloring the plots. The default is by direction and order. If going up and the faster MA is higher than the next slower MA, it is bullish. If going down and the faster MA is lower than the next slower MA, it is bearish. Otherwise, it is neutral.
An alternate means looks at separation distance. A slower MA will inherit the color of the faster MA if the distance between the two is equal or greater than the previous candle.
If standard colors are used, there is a Strong Bear, Weak Bear, Strong Bull and Weak Bull. If you choose to use Alternate colors, you have a Bullish and Bearish color.
Defaults are simply set to how I have been using it. I also have it applied on multiple charts across multiple timeframes. It is not a recommendation or promise of best method. I am still experimenting with different layouts.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.