Madrid MA Ribbon Bar — Indicator by Madrid

This is the MMAR companion study. This along with the MMAR study help visualize in a concise way the trend direction, patterns, trend strength, entry points and reversals.
Trading with MMAR: Look for the size of the bar, when it is partially filled with a color starting from bottom to top it means there is a reentry point, but if it fills 50% or more then there is a strong possibility that this will turn into a trend reversal. You may want to wait for confirmation. Normally after two or three solid bars you can have an idea of where the trend goes.

The standard colors are
1. Red : Downtrend
2. Maroon : Short reentry or uptrend warning
3. Lime : Uptrend
4. Green : Long reentry or downtrend warning

This indicator is based on the MMAR, so the only parameter it needs is the kind of MA you want to use, if you're using a regular standard moving average or an exponential moving average (this reduces lagging). Normally I use the exponential MA, which is the default value. It is simple, it only has four output values, it can be easily interpreted and practically no input parameters to tune. This doesn't require too much space on the screen
I suggest you to shrink the bar so it gives the visual effect of a solid bar and put it at the bottom of the screen.

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?

//
// Madrid : 26/Feb/2015 21:41: Moving Average Ribbon Bar: 1.0
// MMARB
// http://madridjourneyonws.blogspot.com/
//
// This is based on the Madrid Moving Average Ribbon study, 
// it displays the output in a bar format to better identify
// entry points, up/down trends and reversals
//

study(title="Madrid MA Ribbon Bar", shorttitle="MMARB", precision=0)

exponential = input(true, title="Exponential MA")
src = close

ma05 = exponential ? ema(src, 05) : sma(src, 05)
ma10 = exponential ? ema(src, 10) : sma(src, 10)
ma15 = exponential ? ema(src, 15) : sma(src, 15)
ma20 = exponential ? ema(src, 20) : sma(src, 20)
ma25 = exponential ? ema(src, 25) : sma(src, 25)
ma30 = exponential ? ema(src, 30) : sma(src, 30)
ma35 = exponential ? ema(src, 35) : sma(src, 35)
ma40 = exponential ? ema(src, 40) : sma(src, 40)
ma45 = exponential ? ema(src, 45) : sma(src, 45)
ma50 = exponential ? ema(src, 50) : sma(src, 50)
ma55 = exponential ? ema(src, 55) : sma(src, 55)
ma60 = exponential ? ema(src, 60) : sma(src, 60)
ma65 = exponential ? ema(src, 65) : sma(src, 65)
ma70 = exponential ? ema(src, 70) : sma(src, 70)
ma75 = exponential ? ema(src, 75) : sma(src, 75)
ma80 = exponential ? ema(src, 80) : sma(src, 80)
ma85 = exponential ? ema(src, 85) : sma(src, 85)
ma90 = exponential ? ema(src, 90) : sma(src, 90)
ma95 = exponential ? ema(src, 95) : sma(src, 95)
ma100 = exponential ? ema(src, 100) : sma(src, 100)

leadMAColor = change(ma05)>=0 and ma05>ma100 ? lime
            : change(ma05)<0  and ma05>ma100 ? maroon
            : change(ma05)<=0 and ma05<ma100 ? red
            : change(ma05)>=0 and ma05<ma100 ? green
            : gray
maColor(ma, maRef) => 
              change(ma)>=0 and ma05>maRef ? lime
            : change(ma)<0  and ma05>maRef ? maroon
            : change(ma)<=0 and ma05<maRef ? red
            : change(ma)>=0 and ma05<maRef ? green
            : gray


plot( 5, color=leadMAColor, style=line, title="MMA05", linewidth=2)
plot( 10, color=maColor(ma10,ma100), style=line, title="MMA10", linewidth=2)
plot( 15, color=maColor(ma15,ma100), style=line, title="MMA15", linewidth=2)
plot( 20, color=maColor(ma20,ma100), style=line, title="MMA20", linewidth=2)
plot( 25, color=maColor(ma25,ma100), style=line, title="MMA25", linewidth=2)
plot( 30, color=maColor(ma30,ma100), style=line, title="MMA30", linewidth=2)
plot( 35, color=maColor(ma35,ma100), style=line, title="MMA35", linewidth=2)
plot( 40, color=maColor(ma40,ma100), style=line, title="MMA40", linewidth=2)
plot( 45, color=maColor(ma45,ma100), style=line, title="MMA45", linewidth=2)
plot( 50, color=maColor(ma50,ma100), style=line, title="MMA50", linewidth=2)
plot( 55, color=maColor(ma55,ma100), style=line, title="MMA55", linewidth=2)
plot( 60, color=maColor(ma60,ma100), style=line, title="MMA60", linewidth=2)
plot( 65, color=maColor(ma65,ma100), style=line, title="MMA65", linewidth=2)
plot( 70, color=maColor(ma70,ma100), style=line, title="MMA70", linewidth=2)
plot( 75, color=maColor(ma75,ma100), style=line, title="MMA75", linewidth=2)
plot( 80, color=maColor(ma80,ma100), style=line, title="MMA80", linewidth=2)
plot( 85, color=maColor(ma85,ma100), style=line, title="MMA85", linewidth=2)
plot( 90, color=maColor(ma90,ma100), style=line, title="MMA90", linewidth=2)

hline(50, color=black, linewidth=1)
hline(25, color=red, linewidth=1)
hline(75, color=lime, linewidth=1)