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Spyfrat Momentum Study

53
Spyfrat Momentum Study
--> using the following
1) RSI
2) Boellinger Band
3) PSAR Measurement Algorithm
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?
//@version=2
study("Spyfrat Momentum Study",overlay=true)

// BB Init
source = close
length = input(50, minval=1)
mult = input(0.2, title="Mult Factor", minval=0.001, maxval=50)
alertLevel=input(0.1)
impulseLevel=input(0.75)
showRange = input(false, type=bool)

//RSI CODE
src = close, 
up = rma(max(change(src), 0), 30)
down = rma(-min(change(src), 0), 30)
rsi = down == 0 ? 100 : up == 0 ? 0 : 100 - (100 / (1 + up / down))

//BB CODE
basis = sma(source, length)
dev = mult * stdev(source, length)
upper = basis + dev
lower = basis - dev
bbr = source>upper?(((source-upper)/(upper-lower))/10): source<lower?(((source-lower)/(upper-lower))/10) : 0.05
bbi = bbr - nz(bbr[1]) 

//psar code 
start = input(0.02)
increment = input(0.02)
maximum = input(0.2)
psar = sar(start, increment, maximum)
diff = (close - psar)*10000
diff1 = (close [200] - psar)*10000
guage = diff - diff1




//Rule
//long = rsi>50.5 and rsi<55 and  bbi>0.15  and osc>0.00100 and conso>0
//short = rsi<49.5 and rsi>45 and  bbi<-0.15 and osc<-0.00100 and conso>0

long = rsi>50 and rsi<60 and  close>upper and guage>10  and bbi>0.10
short = rsi<50 and rsi>40 and close<lower and guage<-10 and bbi <-0.10
//
//long = long1[1] == 0 and long1 == 1
//short = short1[1] == 0 and short1 == 1
//longclose = long[5] == 1
//shortclose = short[5] == 1

//Alert

//plot(long,"long",color=green,linewidth=1)
//plot(short,"short",color=red,linewidth=1)
plotshape(long, color=green, style=shape.arrowup, text="Spyfrat Buy",location=location.belowbar,size=size.normal,textcolor=green) 
alertcondition(long, title='Spyfrat Buy', message='Spyfrat Momentum Buy!')
plotshape(short, color=red, style=shape.arrowdown, text="Spyfrat Sell",location=location.abovebar,size=size.normal,textcolor=red) 
alertcondition(short, title='Spyfrat Sell', message='Spyfrat Momentum Sell!')

//strategy.exit(id="Stop", profit = 20, loss = 100)
plot(close)