aamonkey

Mayer Multiple Optimal Multi-Color Histogram [aamonkey]

Mayer Multiple developed by Trace Mayer gives the ratio of price to 200 daily moving average.

Buy when it's white sell when it's orange.

Is intended for use on day chart only.

This is an extension of the Mayer Multiple developed by Trace Mayer.

Normally you only have 2 thresholds signaling buying or selling (blue and yellow).

However, I added 2 more thresholds signaling optimized buys and sells (white and orange).
Release Notes: Added green and red bars as possible buy and sell triggers.
Release Notes: Picture update
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?