OPEN-SOURCE SCRIPT
Multiple SMAs
Multiple SMAs
It is trend following indicator.
When Close is above of any sma (there are 20 sma's) it scores like 1, every next sma will scores like +1 to previous score. So when we have close above 15 sma's means score 15 and more it is up trend, when below of 15 sma's down trend else it is a ranging market. You can see trends on colors of bars and colors of sma's. Blue bars down trend, orang Up, gray ranging market
Recomendation to use it only on daily timeframe. But can work on other timeframes you need to experiment with it
In a top right corner is a trend box what shows: Scores, up, down trends or ranging market:
https://www.tradingview.com/x/0y9umkDG/
Ranging Market:
https://www.tradingview.com/x/KfjrxliF/
It is trend following indicator.
When Close is above of any sma (there are 20 sma's) it scores like 1, every next sma will scores like +1 to previous score. So when we have close above 15 sma's means score 15 and more it is up trend, when below of 15 sma's down trend else it is a ranging market. You can see trends on colors of bars and colors of sma's. Blue bars down trend, orang Up, gray ranging market
Recomendation to use it only on daily timeframe. But can work on other timeframes you need to experiment with it
In a top right corner is a trend box what shows: Scores, up, down trends or ranging market:
https://www.tradingview.com/x/0y9umkDG/
Ranging Market:
https://www.tradingview.com/x/KfjrxliF/
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.